This book explores three major fiscal problems facing elementary and secondary education in the United States: (1) school district difficulties in making ends meet, (2) disparities in expenditure levels and tax burdens among school districts, and (3) declining revenues and enrollments in nonpublic schools. The authors examine the underlying causes of the problems and assess a variety of proposed solutions. Among the programs they consider are property tax reform and relief, various plans for equalizing expenditures among school districts (such as "power equalizing" programs, full assumption of school costs by State governments, and educational vouchers), and tax credits for tuition and fees paid to nonpublic schools. In addition, the authors examine recent court decisions affecting school finance. At the federal level, they analyze the existing education budget and suggest what the Federal Government might do to alleviate the schools' financial problems. They emphasize that, although the goals of financial reform programs are not entirely in conflict, policymakers will have to decide which problems deserve the highest priority. Numerous tables are used throughout the book. An extensive bibliography and a subject index are included. (Author/DN)