Welfare and redistribution disguised as "tax cuts". The American Spectator has a great analysis here in "Searching for Obama's 95 Percent".
I went to the Obama-Biden tax calculator, where their website estimates your tax cut under the Obama plan. Just playing around, I entered a married couple, filing jointly, with no dependents, making $20,000 per year. We all know that this family currently has ZERO tax burden under George W. Bush. Obama's plan will reduce their taxes from $0.00 to negative $1,000, so they get a $1,000 refund. That's welfare, not a tax cut. A bald man cannot get a haircut, and someone who pays no taxes cannot get a tax cut.
I have no problem with Obama proposing new social programs and entitlement spending, and campaigning on that. Calling them 'tax cuts' means he doesn't want us to know what he's up to, or he knows being honest about these proposals will cost him votes.
UPDATE: Good analysis of both economic plans HERE