That doesn't make sense. If the parents actually get more productive they can afford paying (e.g. through tax) higher teacher salaries.
The idea of collecting more taxes to benefit $underserved_group is like an obese person eating more to increase muscle growth.
That assumes that the gains in productivity are passed unto the parents in the form of increased income, do you have any data that shows this to be the case?
But some of the parents gotta be either shareholders or cashed out houseowners?
I just moved from a city where teacher pay has gotten on par with engineers. The only thing needed was outlawing hiring unqualified teachers. Suddenly there was money for teacher salaries.
It didn't solve the housing question for other sectors though ...