Obama's plan is basically a tax cut for everybody making less than $250k/year, and those making more than $250k/year will be taxed at pre-GWBush rates. I wouldn't call that "socialism" like the McCain/Drudge/FauxNews crowd tends to do. In fact Mcain opposed the Bush tax cuts for the wealthy back when he was more of a real maverick, and nobody called him a socialist.
Here is an online calculator if you want to see what would happen to you if the plan gets implemented:
http://taxcut.barackobama.com/