I generally really like the idea, but Iím a huge supporter of school choice. I especially like the tax credit over a voucher system.
One part Iím not sure about is the college savings account. Not every occupation requires a college education; Iíd have a problem sending students to school when they donít necessarily have a need for it or maybe are not even sure they want to go. Itís a market distortion I think should be avoided.
Also, would you propose this on the Federal level or at the state level? Iíve read that some think a Federal school choice program could violate the 10th amendment since no powers are given to the Federal government over education. I donít really have an opinion but Iíd be interested in yours.
Iíd be a little cautious towards a federal program as opposed to state programs because of the risk of overregulation creep on private schools. Something at the state level would at least give you the option to move to another state if the program ends up being corrupted or even if it starts producing other unintended consequences.
Otherwise I think itís a huge improvement over what we currently have, I would support it.