Mix flour, cocoa powder and baking soda in medium bowl. Set aside. Beat butter, cream cheese, sugar, vanilla and food color in large bowl with electric mixer on medium speed until light and fluffy. Gradually stir in flour mixture on low speed until well mixed. Divide dough into 3 equal pieces. Flatten each into a disk. Wrap in plastic wrap. Refrigerate 2 hours or until firm.
Preheat oven to 350°F. Roll out 1 piece of dough at a time to 1/8-inch thickness on lightly floured surface. (Keep remaining dough in refrigerator.) Cut into shapes with 3-inch cookie cutter. Place 2 inches apart on baking sheets sprayed with no cooking spray.
Bake 10 to 12 minutes or until edges are lightly browned. Cool on baking sheets 2 minutes. Remove to wire racks; cool completely.