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.

READ MORE AT CNN.