It isn't a tax cut.
It's billions of dollars siphoned from energy companies and others, with payouts targeted first to chosen politically-connected recipients for "investment," and the remainder (if any) to specific voting blocs.
Or,as the budget document puts it:
Through a 100 percent auction to ensure that the biggest polluters do not enjoy windfall profits, this program will fund vital investments in a clean energy future totaling $150 billion over 10 years, starting in fiscal year 2012. The balance of the auction revenues will be returned to the people, especially vulnerable families, communities, and businesses to help the transition to a clean energy economy.
Funneling as much wealth through Washington as possible is about the power.
Meanwhile, the companies being taxed will have to raise their prices to cover it. They will be blamed for this, of course, not Obama.
Real tax cuts are reductions in tax rates.