In 1992, Bill Clinton id much to help Democrats get out from under the liberal label by replacing the word "spending" with "investment." Thereafter, liberals didn't advocate more government spending, but for greater "investment" in our country.

Obama is pulling off a similar linguistic coup by redefining "tax cut." Coming from the lips of The One, it no longer means a lowering of the rate at which your income is taxed. Under the beneficent reign of Obama, Americans who pay no income taxes at all get a "tax cut": a check paid for by some other American.
That's what used to be called income redistribution. But just like Humpty Dumpty, words mean exactly what Obama chooses that they mean.

William McGurn does an excellent job flaying the Obama tax plan in this Wall Street Journal column, pointing out, among other things, the plans unintended consequences regarding Social Security:

Now we know: 95% of Americans will get a "tax cut" under Barack Obama after all. Those on the receiving end of a check will include the estimated 44% of Americans who will owe no federal income taxes under his plan.

In most parts of America, getting money back on taxes you haven't paid sounds a lot like welfare. Ah, say the Obama people, you forget: Even those who pay no income taxes pay payroll taxes for Social Security. Under the Obama plan, they say, these Americans would get an income tax credit up to $500 based on what they are paying into Social Security.

Just two little questions: If people are going to get a tax refund based on what they pay into Social Security, then we're not really talking about income tax relief, are we? And if what we're really talking about is payroll tax relief, doesn't that mean billions of dollars in lost revenue for a Social Security trust fund that is already badly underfinanced?

Read the rest of the column here.