The first in a series of research reports on Texas school finance, this study provides an unprecedented look at how public education dollars fit into the overall financial structure of each of the 50 states. For each state, the authors track the sources of public education dollars, determine the amount spent on public education, and identify the relationship between public education dollars and total state spending. The authors also examine the relationship between state spending, revenues and personal income as a measure of each state’s ability to sustain public education funding. This report offers Texans, as well as those in other states, a fiscal foundation for school finance reform.