Public Schools: Why They’re Not Being Funded
PUBLIC SCHOOLS: WHY THEY’RE NOT BEING FUNDED
(reprinted with permission 2004)
Over the years, Maryland achieved the highest family income in the nation, and the highest percentage of residents with graduate degrees, by investing money in our schools and our universities. But those priorities have apparently changed.
Lawmakers shortchanged the Thornton initiative by $83 million. And by cutting state aid to counties and municipalities, local governments are being forced to reduce their own aid to schools.
There is plenty of money in Maryland to invest in world-class public schools. 2/3 of Maryland’s largest corporations pay no income tax (according to a study by The Maryland Budget and Tax Policy Institute). Lawmakers responded by finally closing the single most notorious corporate tax loophole, but only “combined reporting” can ensure that big multi-state corporations pay their taxes in full.
Check out the report on a 2004 study by the Economic Policy Institute. In it, William Schweke looks at hundreds of correlations between education and state income. And he shows conclusively that investments in education – from early childhood on up through graduate schools – produce the kind of knowledge-based economy that brings the most money into the state and county.