Another area would be Pay for Performance Teaching and Charter Schools. The problem is not lack of money but inefficiency and waste. Better allocation of money within the education system will save Billions.
You can only squeeze so much out of a budget in terms of waste and innefficiency. Eventually you have to tackle Medicare, Medicaid and Social Security before they turn us into a banana republic.
Also, raising taxes on the wealthy is not going to be enough to solve this problem and the downsides too it outway the gains. New taxes or tax hikes are not a viable option.
so you are suggesting that we increase spending on charter schools? ok but remember we can not cut spending on public education because that would be considered a spending cut. Perhaps public education has some inefficiencies, but making something more efficient would help to save money.
when it comes to tax's you have to practical. For example during a boom it would be wise to increase tax's, and during a bust it would be wise to cut tax's.