(CNN) - An independent group backing President Barack Obama's reelection campaign will hit airwaves Thursday with an ad reminding voters of former Pres. Ronald Reagan's stance on taxes.
The 30-second spot, from the Democratic group Priorities USA, uses a mock newscast to showcase the former Republican president advocating for higher taxes on millionaires.
Reagan is shown saying, "We're going to close the unproductive tax loopholes that have allowed some of the truly wealthy to avoid paying their fair share. They sometimes made it possible for millionaires to pay nothing, while a bus driver was paying 10% of his salary – and that's crazy. Do you think the millionaire ought to pay more in taxes than the bus driver?"
An announcer follows up, asking, "Ronald Reagan supported millionaires paying their fair share. Don't you?"
Priorities USA says the ad will run on broadcast TV in Iowa, which kicks off the presidential caucus and primary calendar, and on national cable.
The ad, which the group says is aimed at congressional Republicans, comes as Congress debates the extension of the payroll tax cut, a measure that both sides agree must be enacted, but differ on whether and how to fund it.
In a statement, Priorities USA Senior Strategist Bill Burton, a former Obama White House deputy press secretary, said the Republican stance on taxes was unfair.
"Today's Congressional Republicans insist on bringing our nation to the brink by forcing a tax policy that puts an unfair burden on middle class families when they can least afford it," Burton said.
"Republicans should listen to President Reagan and, as he said, 'close the unproductive tax loopholes that have allowed some of the truly wealthy to avoid paying their fair share.'"
The Reagan spot isn't the first time a former president has been used in political advertising this year. In November, the conservative group Crossroads GPS spent over $2 million to run an ad in swing states contrasting Obama's jobs plan to statements from former President Bill Clinton.
That ad played clips of Clinton saying now is not the time to raise taxes and of Obama promoting increased tax rates on higher income earners as part of his jobs plan.
Thursday's ad is the second paid spot from Priorities USA. The group ran an ad last month in Michigan advocating the president's student loan plan.
–CNN's Gabriella Schwarz contributed to this report