President Barack Obama's reelection campaign is going after Republican presidential candidate Mitt Romney and his running mate Paul Ryan for failing to specify how they would pay for tax cuts for the wealthy, arguing in a new television ad that middle class American families would be forced to foot the bill.

The new ad, released Wednesday and titled "Won't Say," opens with a zinger on Romney's refusal to release his personal tax returns or offer specifics on how his tax plan would impact the middle class.

"Mitt Romney: He won't reveal what's in his taxes, and he won't tell you what he'd do to yours," a narrator says at the beginning of the ad, which will air in Iowa, Nevada, Virginia, and Ohio.

The commercial then pivots to how Romney's proposed tax plan would pay for $5 trillion in planned tax cuts, which the Obama campaign says are skewed to millionaires and billionaires "like him." Citing an analysis from the nonpartisan Tax Policy Center, the ad notes that, under Romney's tax plan, "taxpayers with children who make less than $200,000 would pay, on average, $2,000 more in taxes."

"How much would you pay?" the narrator asks as the ad comes to a close. "Romney just won't say."

Accompanying the ad is a memo from Obama campaign Policy Director James Kvaal, which takes a closer look the plan put forward by Romney and Ryan.

"Romney’s tax and budget plans are a riddle wrapped inside a mystery wrapped inside a total sham," Kvaal said in the memo. "Governor Romney and his advisers frankly admit that they won’t reveal their policy plans because it would make them less likely to be elected."

Romney and Ryan have repeatedly stated that they would offset tax cuts for the wealthy by closing tax loopholes, but Kvaal notes their apparent inability to identify which particular loopholes they would close.

Both men on the Republican presidential ticket were questioned on the issue of tax loopholes in interviews on Sunday, and both Romney and Ryan dodged the question.

"We think the secret to economic growth is lower tax rates for families and successful small businesses by plugging loopholes," Ryan told George Stephanopoulos on ABC's "This Week." "Now the question is not necessarily what loopholes go, but who gets them. High income earners use most of the loopholes. That means they can shelter their income from taxation."

When pressed by Stephanopoulos on why he would not be more forthcoming in naming which loopholes he would close, Ryan responded, "George, because we want to have this debate in the public. We want to have this debate with Congress. And we want to do this with the consent of the elected representatives of the people and figure out what loopholes should stay or go and who should or should not get them."

Similarly, host David Gregory asked Romney on NBC's "Meet the Press" to provide an example of a loophole he would close -- a request Romney failed to oblige.

"Well, I can tell you that people at the high end, high income taxpayers, are going to have fewer deductions and exemptions," he said. "Those numbers are going to come down. Otherwise they'd get a tax break. And I want to make sure people understand, despite what the Democrats said at their convention, I am not reducing taxes on high income taxpayers."

Read the full Obama campaign memo below:

OFA Memo: Romney Ryan Tax Plan

Earlier on HuffPost:

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  • President Barack Obama laughs with his wife Michelle and his daughters Malia and Sasha after his speech to the Democratic National Convention in Charlotte, N.C., on Thursday, Sept. 6, 2012. (AP Photo/Lynne Sladky)

  • President Barack Obama waves with his wife Michelle and his daughters Malia and Sasha after his speech to the Democratic National Convention in Charlotte, N.C., on Thursday, Sept. 6, 2012. (AP Photo/Lynne Sladky)

  • Joe Biden, Barack Obama

    Vice President Joe Biden and President Barack Obama wave to the delegates at the conclusion of Presdident Obama's speech at the Democratic National Convention in Charlotte, N.C., on Thursday, Sept. 6, 2012. (AP Photo/J. Scott Applewhite)

  • President Barack Obama waves with his wife Michelle and his daughters Malia and Sasha after his speech to the Democratic National Convention in Charlotte, N.C., on Thursday, Sept. 6, 2012. (AP Photo/Lynne Sladky)

  • President Barack Obama waves with his wife Michelle and his daughters Malia and Sasha after his speech to the Democratic National Convention in Charlotte, N.C., on Thursday, Sept. 6, 2012. (AP Photo/Lynne Sladky)

  • President Barack Obama waves with his wife Michelle and his daughters Malia and Sasha after his speech to the Democratic National Convention in Charlotte, N.C., on Thursday, Sept. 6, 2012. (AP Photo/Lynne Sladky)

  • President Barack Obama waves with his wife Michelle and his daughters Malia and Sasha after his speech to the Democratic National Convention in Charlotte, N.C., on Thursday, Sept. 6, 2012. (AP Photo/Charlie Neibergall)

  • Obama Accepts Nomination On Final Day Of Democratic National Convention

    CHARLOTTE, NC - SEPTEMBER 06: Democratic presidential candidate, U.S. President Barack Obama stands with his family, (L-R) First lady Michelle Obama, Sasha Obama, and Malia Obama during the final day of the Democratic National Convention at Time Warner Cable Arena on September 6, 2012 in Charlotte, North Carolina. The DNC, which concludes today, nominated U.S. President Barack Obama as the Democratic presidential candidate. (Photo by Chip Somodevilla/Getty Images)

  • US-VOTE-2012-DEMOCRATIC CONVENTION

    US President Barack Obama, First Lady Michelle Obama, daughters Malia (L) and Sasha (C) wave after Obama's acceptance speech at the Time Warner Cable Arena in Charlotte, North Carolina, on September 6, 2012 on the final day of the Democratic National Convention (DNC). AFP PHOTO Stan HONDA (Photo credit should read STAN HONDA/AFP/GettyImages)

  • Barack Obama

    President Barack Obama speaks at the Democratic National Convention in Charlotte, N.C., Thursday, Sept. 6, 2012. (AP Photo/Pablo Martinez Monsivais)

  • US-VOTE-2012-DEMOCRATIC CONVENTION

    Supporters listen as US President Barack Obama delivers his acceptance to run for a second term as president at the Time Warner Cable Arena in Charlotte, North Carolina, on September 6, 2012 on the final day of the Democratic National Convention (DNC). AFP PHOTO Brendan SMIALOWSKI (Photo credit should read BRENDAN SMIALOWSKI/AFP/GettyImages)

  • Obama Accepts Nomination On Final Day Of Democratic National Convention

    CHARLOTTE, NC - SEPTEMBER 06: Democratic presidential candidate, U.S. President Barack Obama speaks on stage as he accepts the nomination for president during the final day of the Democratic National Convention at Time Warner Cable Arena on September 6, 2012 in Charlotte, North Carolina. The DNC, which concludes today, nominated U.S. President Barack Obama as the Democratic presidential candidate. (Photo by Win McNamee/Getty Images)

  • Obama Accepts Nomination On Final Day Of Democratic National Convention

    CHARLOTTE, NC - SEPTEMBER 06: Democratic presidential candidate, U.S. President Barack Obama speaks on stage as he accepts the nomination for president during the final day of the Democratic National Convention at Time Warner Cable Arena on September 6, 2012 in Charlotte, North Carolina. The DNC, which concludes today, nominated U.S. President Barack Obama as the Democratic presidential candidate. (Photo by Streeter Lecka/Getty Images)

  • Obama Accepts Nomination On Final Day Of Democratic National Convention

    CHARLOTTE, NC - SEPTEMBER 06: (L-R) Marian Robinson, Malia Obama, Sasha Obama, First lady Michelle Obama and Second lady Dr. Jill Biden watch as Democratic presidential candidate, U.S. President Barack Obama speaks on stage during the final day of the Democratic National Convention at Time Warner Cable Arena on September 6, 2012 in Charlotte, North Carolina. The DNC, which concludes today, nominated U.S. President Barack Obama as the Democratic presidential candidate. (Photo by Scott Olson/Getty Images)

  • From left, Michelle Obama's mother Marian, Malia and Sasha Obama, their mother Michelle and Dr. Jill Biden, wife of Vice President Biden, listen to President Barack Obama at the Democratic National Convention in Charlotte, N.C., on Thursday, Sept. 6, 2012. (AP Photo/Lynne Sladky)

  • US-VOTE-2012-DEMOCRATIC CONVENTION

    US President Barack Obama as he delivers his acceptance to run for a second term as president at the Time Warner Cable Arena in Charlotte, North Carolina, on September 6, 2012 on the final day of the Democratic National Convention (DNC). AFP PHOTO Brendan SMIALOWSKI (Photo credit should read BRENDAN SMIALOWSKI/AFP/GettyImages)

  • US-VOTE-2012-DEMOCRATIC CONVENTION

    The First family welcomes US President Barack Obama as he delivers his acceptance to run for a second term as president at the Time Warner Cable Arena in Charlotte, North Carolina, on September 6, 2012 on the final day of the Democratic National Convention (DNC). From L-R, first row: Mother-in-law Marian Robinson, daughter Malia, daughter Sasha, First Lady Michelle Obama, Second Lady Dr. Jill Biden and Mrs.Obama's brother Craig Robinson (3rd R, second row). AFP PHOTO Brendan SMIALOWSKI (Photo credit should read BRENDAN SMIALOWSKI/AFP/GettyImages)

  • US-VOTE-2012-DEMOCRATIC CONVENTION

    US President Barack Obama delivers his acceptance to run for a second term as president at the Time Warner Cable Arena in Charlotte, North Carolina, on September 6, 2012 on the final day of the Democratic National Convention (DNC). EDITORS NOTE: Image was shot with a tilt-shift lens. AFP PHOTO Brendan SMIALOWSKI (Photo credit should read BRENDAN SMIALOWSKI/AFP/GettyImages)

  • Obama Accepts Nomination On Final Day Of Democratic National Convention

    CHARLOTTE, NC - SEPTEMBER 06: Democratic presidential candidate, U.S. President Barack Obama claps on stage as he accepts the nomination for president during the final day of the Democratic National Convention at Time Warner Cable Arena on September 6, 2012 in Charlotte, North Carolina. The DNC, which concludes today, nominated U.S. President Barack Obama as the Democratic presidential candidate. (Photo by Win McNamee/Getty Images)

  • Obama Accepts Nomination On Final Day Of Democratic National Convention

    CHARLOTTE, NC - SEPTEMBER 06: Democratic presidential candidate, U.S. President Barack Obama speaks on stage to accept the nomination for president during the final day of the Democratic National Convention at Time Warner Cable Arena on September 6, 2012 in Charlotte, North Carolina. The DNC, which concludes today, nominated U.S. President Barack Obama as the Democratic presidential candidate. (Photo by Chip Somodevilla/Getty Images)

  • Obama Accepts Nomination On Final Day Of Democratic National Convention

    CHARLOTTE, NC - SEPTEMBER 06: Democratic presidential candidate, U.S. President Barack Obama speaks on stage as he accepts the nomination for president during the final day of the Democratic National Convention at Time Warner Cable Arena on September 6, 2012 in Charlotte, North Carolina. The DNC, which concludes today, nominated U.S. President Barack Obama as the Democratic presidential candidate. (Photo by Kevork Djansezian/Getty Images)

  • Obama Accepts Nomination On Final Day Of Democratic National Convention

    CHARLOTTE, NC - SEPTEMBER 06: Democratic presidential candidate, U.S. President Barack Obama speaks on stage as he accepts the nomination for president during the final day of the Democratic National Convention at Time Warner Cable Arena on September 6, 2012 in Charlotte, North Carolina. The DNC, which concludes today, nominated U.S. President Barack Obama as the Democratic presidential candidate. (Photo by Joe Raedle/Getty Images)

  • US-VOTE-2012-DEMOCRATIC CONVENTION

    First daughters Malia (L) and Sasha (C) confer as US President Barack Obama delivers his acceptance to run for a second term as president at the Time Warner Cable Arena in Charlotte, North Carolina, on September 6, 2012 on the final day of the Democratic National Convention (DNC). AFP PHOTO Robyn BECK (Photo credit should read ROBYN BECK/AFP/GettyImages)

  • US-VOTE-2012-DEMOCRATIC CONVENTION

    First Lady Michelle Obama (R) looks over at daughters Malia (L) and Sasha (C) as US President Barack Obama delivers his acceptance to run for a second term as president at the Time Warner Cable Arena in Charlotte, North Carolina, on September 6, 2012 on the final day of the Democratic National Convention (DNC). AFP PHOTO Robyn BECK (Photo credit should read ROBYN BECK/AFP/GettyImages)

  • US-VOTE-2012-DEMOCRATIC CONVENTION

    First Lady Michelle Obama (2nd R) looks over at daughters Malia (L) and Sasha (C) as US President Barack Obama delivers his acceptance to run for a second term as president at the Time Warner Cable Arena in Charlotte, North Carolina, on September 6, 2012 on the final day of the Democratic National Convention (DNC). AFP PHOTO Robyn BECK (Photo credit should read ROBYN BECK/AFP/GettyImages)

  • Obama Accepts Nomination On Final Day Of Democratic National Convention

    CHARLOTTE, NC - SEPTEMBER 06: (L-R) Malia Obama, Sasha Obama, and First lady Michelle Obama listen as Democratic presidential candidate, U.S. President Barack Obama speaks on stage during the final day of the Democratic National Convention at Time Warner Cable Arena on September 6, 2012 in Charlotte, North Carolina. The DNC, which concludes today, nominated U.S. President Barack Obama as the Democratic presidential candidate. (Photo by Chip Somodevilla/Getty Images)

  • Obama Accepts Nomination On Final Day Of Democratic National Convention

    CHARLOTTE, NC - SEPTEMBER 06: Democratic presidential candidate, U.S. President Barack Obama speaks on stage to accept the nomination for president during the final day of the Democratic National Convention at Time Warner Cable Arena on September 6, 2012 in Charlotte, North Carolina. The DNC, which concludes today, nominated U.S. President Barack Obama as the Democratic presidential candidate. (Photo by Alex Wong/Getty Images)

  • Obama Accepts Nomination On Final Day Of Democratic National Convention

    CHARLOTTE, NC - SEPTEMBER 06: Democratic presidential candidate, U.S. President Barack Obama speaks on stage to accept the nomination for president during the final day of the Democratic National Convention at Time Warner Cable Arena on September 6, 2012 in Charlotte, North Carolina. The DNC, which concludes today, nominated U.S. President Barack Obama as the Democratic presidential candidate. (Photo by Alex Wong/Getty Images)

  • Obama Accepts Nomination On Final Day Of Democratic National Convention

    CHARLOTTE, NC - SEPTEMBER 06: Democratic presidential candidate, U.S. President Barack Obama speaks on stage to accept the nomination for president during the final day of the Democratic National Convention at Time Warner Cable Arena on September 6, 2012 in Charlotte, North Carolina. The DNC, which concludes today, nominated U.S. President Barack Obama as the Democratic presidential candidate. (Photo by Chip Somodevilla/Getty Images)

  • President Barack Obama waves to candidates at the Democratic National Convention in Charlotte, N.C., on Thursday, Sept. 6, 2012. (AP Photo/Lynne Sladky)

  • Obama Accepts Nomination On Final Day Of Democratic National Convention

    CHARLOTTE, NC - SEPTEMBER 06: Democratic presidential candidate, U.S. President Barack Obama waves on stage as he accepts the nomination for president during the final day of the Democratic National Convention at Time Warner Cable Arena on September 6, 2012 in Charlotte, North Carolina. The DNC, which concludes today, nominated U.S. President Barack Obama as the Democratic presidential candidate. (Photo by Justin Sullivan/Getty Images)

  • Obama Accepts Nomination On Final Day Of Democratic National Convention

    CHARLOTTE, NC - SEPTEMBER 06: Democratic presidential candidate, U.S. President Barack Obama speaks on stage to accept the nomination for president during the final day of the Democratic National Convention at Time Warner Cable Arena on September 6, 2012 in Charlotte, North Carolina. The DNC, which concludes today, nominated U.S. President Barack Obama as the Democratic presidential candidate. (Photo by Justin Sullivan/Getty Images)

  • Obama Accepts Nomination On Final Day Of Democratic National Convention

    CHARLOTTE, NC - SEPTEMBER 06: Democratic presidential candidate, U.S. President Barack Obama speaks on stage to accept the nomination for president during the final day of the Democratic National Convention at Time Warner Cable Arena on September 6, 2012 in Charlotte, North Carolina. The DNC, which concludes today, nominated U.S. President Barack Obama as the Democratic presidential candidate. (Photo by Justin Sullivan/Getty Images)

  • Obama Accepts Nomination On Final Day Of Democratic National Convention

    CHARLOTTE, NC - SEPTEMBER 06: Democratic presidential candidate, U.S. President Barack Obama speaks on stage to accept the nomination for president during the final day of the Democratic National Convention at Time Warner Cable Arena on September 6, 2012 in Charlotte, North Carolina. The DNC, which concludes today, nominated U.S. President Barack Obama as the Democratic presidential candidate. (Photo by Chip Somodevilla/Getty Images)

  • President Barack Obama applauds before his speech to the Democratic National Convention in Charlotte, N.C., on Thursday, Sept. 6, 2012. (AP Photo/Lynne Sladky)

  • Obama Accepts Nomination On Final Day Of Democratic National Convention

    CHARLOTTE, NC - SEPTEMBER 06: (L-R) Malia Obama, Sasha Obama, and First lady Michelle Obama listen as Democratic presidential candidate, U.S. President Barack Obama speaks on stage during the final day of the Democratic National Convention at Time Warner Cable Arena on September 6, 2012 in Charlotte, North Carolina. The DNC, which concludes today, nominated U.S. President Barack Obama as the Democratic presidential candidate. (Photo by Chip Somodevilla/Getty Images)

  • Obama Accepts Nomination On Final Day Of Democratic National Convention

    CHARLOTTE, NC - SEPTEMBER 06: (L-R) Malia Obama, Sasha Obama, First lady Michelle Obama and Second lady Dr. Jill Biden watch as Democratic presidential candidate, U.S. President Barack Obama speaks during the final day of the Democratic National Convention at Time Warner Cable Arena on September 6, 2012 in Charlotte, North Carolina. The DNC, which concludes today, nominated U.S. President Barack Obama as the Democratic presidential candidate. (Photo by Justin Sullivan/Getty Images)

  • Obama Accepts Nomination On Final Day Of Democratic National Convention

    CHARLOTTE, NC - SEPTEMBER 06: First lady Michelle Obama hughs Democratic presidential candidate, U.S. President Barack Obama on stage during the final day of the Democratic National Convention at Time Warner Cable Arena on September 6, 2012 in Charlotte, North Carolina. The DNC, which concludes today, nominated U.S. President Barack Obama as the Democratic presidential candidate. (Photo by Justin Sullivan/Getty Images)

  • Obama Accepts Nomination On Final Day Of Democratic National Convention

    CHARLOTTE, NC - SEPTEMBER 06: Democratic presidential candidate, U.S. President Barack Obama hugs his wife First lady Michelle Obama during the final day of the Democratic National Convention at Time Warner Cable Arena on September 6, 2012 in Charlotte, North Carolina. The DNC, which concludes today, nominated U.S. President Barack Obama as the Democratic presidential candidate. (Photo by Alex Wong/Getty Images)

  • Obama Accepts Nomination On Final Day Of Democratic National Convention

    CHARLOTTE, NC - SEPTEMBER 06: Democratic presidential candidate, U.S. President Barack Obama waves on stage during the final day of the Democratic National Convention at Time Warner Cable Arena on September 6, 2012 in Charlotte, North Carolina. The DNC, which concludes today, nominated U.S. President Barack Obama as the Democratic presidential candidate. (Photo by Justin Sullivan/Getty Images)

  • Obama Accepts Nomination On Final Day Of Democratic National Convention

    CHARLOTTE, NC - SEPTEMBER 06: (L-R) Malia Obama, Sasha Obama, and First lady Michelle Obama watch as Democratic presidential candidate, U.S. President Barack Obama speaks on stage during the final day of the Democratic National Convention at Time Warner Cable Arena on September 6, 2012 in Charlotte, North Carolina. The DNC, which concludes today, nominated U.S. President Barack Obama as the Democratic presidential candidate. (Photo by Justin Sullivan/Getty Images)

  • Obama Accepts Nomination On Final Day Of Democratic National Convention

    CHARLOTTE, NC - SEPTEMBER 06: Democratic presidential candidate, U.S. President Barack Obama walks on stage to join First lady Michelle Obama during the final day of the Democratic National Convention at Time Warner Cable Arena on September 6, 2012 in Charlotte, North Carolina. The DNC, which concludes today, nominated U.S. President Barack Obama as the Democratic presidential candidate. (Photo by Streeter Lecka/Getty Images)

  • Obama Accepts Nomination On Final Day Of Democratic National Convention

    CHARLOTTE, NC - SEPTEMBER 06: Democratic presidential candidate, U.S. President Barack Obama walks on stage to join First lady Michelle Obama during the final day of the Democratic National Convention at Time Warner Cable Arena on September 6, 2012 in Charlotte, North Carolina. The DNC, which concludes today, nominated U.S. President Barack Obama as the Democratic presidential candidate. (Photo by Streeter Lecka/Getty Images)

  • Obama Accepts Nomination On Final Day Of Democratic National Convention

    CHARLOTTE, NC - SEPTEMBER 06: Democratic presidential candidate, U.S. President Barack Obama walks on stage during the final day of the Democratic National Convention at Time Warner Cable Arena on September 6, 2012 in Charlotte, North Carolina. The DNC, which concludes today, nominated U.S. President Barack Obama as the Democratic presidential candidate. (Photo by Justin Sullivan/Getty Images)

  • Obama Accepts Nomination On Final Day Of Democratic National Convention

    CHARLOTTE, NC - SEPTEMBER 06: First lady Michelle Obama introduces Democratic presidential candidate, U.S. President Barack Obama during the final day of the Democratic National Convention at Time Warner Cable Arena on September 6, 2012 in Charlotte, North Carolina. The DNC, which concludes today, nominated U.S. President Barack Obama as the Democratic presidential candidate. (Photo by Alex Wong/Getty Images)

  • Obama Accepts Nomination On Final Day Of Democratic National Convention

    CHARLOTTE, NC - SEPTEMBER 06: U.S. Sen. Dick Durbin (D-IL) speaks on stage during the final day of the Democratic National Convention at Time Warner Cable Arena on September 6, 2012 in Charlotte, North Carolina. The DNC, which concludes today, nominated U.S. President Barack Obama as the Democratic presidential candidate. (Photo by Alex Wong/Getty Images)

  • Obama Accepts Nomination On Final Day Of Democratic National Convention

    CHARLOTTE, NC - SEPTEMBER 06: Democratic vice presidential candidate, U.S. Vice President Joe Biden waves with his wife Second lady Dr. Jill Biden after speaking on stage during the final day of the Democratic National Convention at Time Warner Cable Arena on September 6, 2012 in Charlotte, North Carolina. The DNC, which concludes today, nominated U.S. President Barack Obama as the Democratic presidential candidate. (Photo by Chip Somodevilla/Getty Images)

  • Obama Accepts Nomination On Final Day Of Democratic National Convention

    CHARLOTTE, NC - SEPTEMBER 06: Democratic vice presidential candidate, U.S. Vice President Joe Biden hugs his wife Second lady Dr. Jill Biden after speaking during the final day of the Democratic National Convention at Time Warner Cable Arena on September 6, 2012 in Charlotte, North Carolina. The DNC, which concludes today, nominated U.S. President Barack Obama as the Democratic presidential candidate. (Photo by Chip Somodevilla/Getty Images)

  • Obama Accepts Nomination On Final Day Of Democratic National Convention

    CHARLOTTE, NC - SEPTEMBER 06: Democratic vice presidential candidate, U.S. Vice President Joe Biden speaks on stage during the final day of the Democratic National Convention at Time Warner Cable Arena on September 6, 2012 in Charlotte, North Carolina. The DNC, which concludes today, nominated U.S. President Barack Obama as the Democratic presidential candidate. (Photo by Alex Wong/Getty Images)

  • Obama Accepts Nomination On Final Day Of Democratic National Convention

    CHARLOTTE, NC - SEPTEMBER 06: Democratic vice presidential candidate, U.S. Vice President Joe Biden speaks on stage during the final day of the Democratic National Convention at Time Warner Cable Arena on September 6, 2012 in Charlotte, North Carolina. The DNC, which concludes today, nominated U.S. President Barack Obama as the Democratic presidential candidate. (Photo by Alex Wong/Getty Images)

  • Vice President Joe Biden waves as he appears on stage to address the Democratic National Convention in Charlotte, N.C., on Thursday, Sept. 6, 2012. (AP Photo/David Goldman)