Hate to be a spelling freak but...
"The target creature gains +0/+10, but its damage inflicted on your opponent is cut for two turns."
The regular "it's" is the contraction of "it is", while "its" is the correct form of the possessive for a third party (aside from his or her, which are gender-human specific).
Anyway, when you mean by 'cut', do you also mean that it can't do damage period? I'd say that this is possibly an even stronger version of Basilisk blood in some cases, especially if you couple this with Gravity Shield. Interesting idea, nonetheless.