This paper examines the tradeoffs among three competing goals that are inherent in a revenue-neutral income tax reformmaintaining tax revenues, ensuring a progressive tax system, and lowering marginal tax ratesdrawing on the example of the tax policies advanced in presidential candidate Mitt Romneys tax plan. Our major conclusion is that any revenue-neutral individual income tax change that incorporates the features Governor Romney has proposed would provide large tax cuts to high-income households, and increase the tax burdens on middle- and/or lower-income taxpayers.