There is a new Best Evidence in Brief, with several interesting studies. This one was new for me:

A recent study published in the Journal of Economics examined the effects of increasing education spending on student achievement in more than 3,000 diverse districts in seven states: Arkansas, Louisiana, Michigan, Missouri, Pennsylvania, Texas, and Wisconsin. Money for the increased spending was obtained via increases in property tax, sales tax, and income tax – issues that had been placed on ballots and voted into effect.

Data for the study encompassed the years 2000 – 2015. Results showed that five to seven years after education spending increased by $1,000 per pupil, students in districts who had formerly been below the average in spending per pupil had gained +0.15 on standardized testing and showed a 9% increase in graduation rates. No statistically significant differences were found for students at or above the average spending per pupil prior to the tax increases.