This legislative proposal aims to abolish the Department of Education and terminate most of its administrative programs within 30 days of the bill's enactment. However, it specifically exempts and transfers the authority for the Federal Pell Grant program and the William D. Ford Federal Direct Loan Program to the Secretary of the Treasury. The bill further establishes a new program under the Secretary of the Treasury to provide block grants directly to States for elementary and secondary education. These allocations would be distributed to each State in proportion to the aggregate amount of Federal individual income taxes paid by its residents. States receiving these funds would be required to use them to support elementary and secondary education within their borders, reflecting a congressional sense that States should promote competition and parental choice in education.