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SMW for 15 December 2022




AT THE CLOSING BELL ON 15 December 2022


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Quote for the Day:

The answer is found, at least in part, in the arcane machinery by which we finance public education. Most public schools in the United States depend for their initial funding on a tax on local property. There are also state and federal funding sources, and we will discuss them later, but the property tax is the decisive source in shaping inequality. The property tax depends, of course, upon the taxable value of one's home and that of local industries. A typical wealthy suburb in which homes are often worth more than $400,000 draws upon a larger tax base in proportion to its student population that a city occupied by thousands of poor people. Typically, in the United States, very poor communities place a high priority on education, and they often tax themselves at higher rates than do the very affluent communities. But even if they tax themselves at several times the rate of an extremely wealthy district, they are likely to end up with far less money for each child in their schools.

Jonathan Kozol. Savage Inequalities: Children in America's Schools. Harper Perennial. (c) 1991.