Revenue and formula effects of school finance reform of wealth neutrality

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Abstract
The impact of school finance reform in South Carolina on wealth neutrality is analysed in the context of revenue and formula effects. The total effect is analysed, with or without local revenue effects, by splitting the revenue effect into state revenue and local revenue effects. Results indicate considerable improvements in wealth neutrality from 1978 to 1982. Moreover, only 25% of the total reduction in the wealth coefficient may be attributed to the change in the formula, the remainder being explained by changes in state and local revenues.

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