Tax Sharing for Education Act

Tax Sharing for Education Act - Creates in the Treasury of the United States a trust fund to be known as the educational assistance trust fund. Authorizes appropriations to the trust fund equal to one percent of taxes from income on individuals for the fiscal year ending June 30, 1974; two percent of such taxes for fiscal year ending June 30, 1975; three percent of taxes for fiscal year ending June 30, 1976, four percent for fiscal year ending June 30, 1977; and five percent for each fiscal year thereafter. Permits the return of amounts to the States which have adopted approved plans for the use of public elementary and secondary education. Provides that the amount collected from each State depends upon a formula based on the amount collected from each State and the number of students enrolled in public elementary and secondary schools.

Provides for judicial review of adverse decisions. Prohibits Federal control of education in the States.