The idea has an implied association that there is a very good correlation between money spent on education and outcomes. I don't think that's necessarily true I found conflicting data that seems to imply we dont have a really good way to compare school systems. A lot of the money is simply wasted on stupid shit like "technology", Ipads, administrators and non common text books.

Also im going to take a soft stab at you and point out that if $spent per pupil is highly correlated with outcomes this program would benefit people like you that send their kids to private school by decreasing the pool of potential viable high performing competitors. (More people in the middle less on the edges where they can compete with private schools). I dont think that's what you were thinking of when you brought up the idea but I figured it would be worth mentioning.

Ref:https://www.washingtonpost.com/news/local/wp/2015/06/02/the-states-that-spend-the-most-and-the-least-on-education-in-one-map/

https://wallethub.com/edu/states-with-the-best-schools/5335/ Would imply poor correlation but i think their methodology is fucked

http://www.usatoday.com/story/money/business/2015/01/15/247-wall-st-states-best-schools/21388041/ would imply pretty good correlation.

http://www.usatoday.com/story/money/business/2015/01/15/247-wall-st-states-best-schools/21388041/ medium good correlation