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change the school funding formula so that parents pay it.
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No, because if all parents had to pay for school directly, far far more of them would demand a lot more performance and accountability. Far more parents would start to pay close attention to what is being done to their kids at school. The magnitude of THAT feces-storm would be so huge that the whole school system would be overhauled, by parents with torches and pitchforks, from top to bottom. And that would step on important toes.
People don't ask too much of things they "think" of as "FREE"