This article from USA offers data on state by state spending on education.
Household earnings appear to play a major role in determining statewide school spending. The states that spent the most per student also had some of the wealthiest households. Median household income in all of the 10 top spending states was higher than the U.S. median. Among the states spending the least, only Utah households earned more than the national median of $51,371 in 2012.
In addition, spending does relate to outcomes. This is a good example of correlational data with a relationship not necessarily implying causality (increase spending to improve achievement). It may be that more money causes higher achievement. but it is also possible money spend indicates the value placed on achievement. Other factors may also be involved.
High education spending often pays off, at least as measured by standardized tests. Based on a recent Education Week report, four of the top spending states were among the top five states in K-12 achievement.