Abstract
AbstractIn the US, the share of school district revenues that state and local governments provide for K‐12 has changed significantly over the last century. Historically, K‐12 education was highly decentralized and funded largely by property taxes of local governments. States played only a supporting role. Today, states, which obtain the biggest portion of tax revenues from income and sales taxes, play a large and increasing role in school funding. This paper uses a hybrid Tiebout model to analyze the impact of the education finance policy change in a general equilibrium framework.
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