The Next Round

should be enlarged by raising the import duty on such goods from 27.5 to 35 per cent.
Fourth, some innovations are possible in direct urban taxation: a differen- tial wealth tax on urban property irrespective of its ownership (which is better than imposition of a ceiling on property), and a differential tax on non-contractual and unearned incomes. The degree of consumers' surplus and tax evasion are the largest in these two spheres.