This report outlines the educational fiscal impacts of the present Massachusetts system of school finance and describes the fiscal characteristics and effects of alternative finance plans that are both equitable and elastic in nature. The first part of the report describes and evaluates the overall character of the Massachusetts State-local fiscal system and its relationship to the State's system of educational support. Later sections of the study delineate some of the deficiencies in the State and local revenue structure. These sections also note the tax and expenditure characteristics of the present system of school finance. Next, a number of constitutionally sound finance systems are simulated and their fiscal attributes noted. The tax rate requirements for these systems are estimated, and a number of proposed revenue policies are suggested to fund these programs. Finally, a number of policy recommendations are formulated, which should guide the Massachusetts Teachers Association in their deliberations concerning how best to revise the present system of educational finance. (Author)