>An equal $4000/student/year
You're off by almost 4x the average if you live in the US. For reference, for the $~16k spent per year, I was able to (privately) hire someone to take care of my infant over 40 hours a week (and all 12 months), an infant that needed around the clock care and couldn't be counted on to go unwatched for even a few seconds and who constantly irritated others with utterly mind-shattering screaming colic.
Let's say the state spends $15K per student with no disabilities. The state says to the parent, "OK, we'll give you $25K to take care of your kid."
The parents grumble, but they find a school that caters to those kids and will take that voucher. Would it be much worse than they're getting now? I doubt it. If it is, the state can subsidize that school, and probably still end up spending less than they are now.
Now it's a question of money, as it should be for a state-wide program. Would the state say "we'll give you $150K to take care of your kid?" Probably not. Really extreme cases that need that much money could be handled by other public & private organizations, but the state gains a measure of reasonableness for the school budget.
I disagree with the rest. Universal schooling is an important part of a health society. It is up to the government to provide adequate funding for its obligations. Systematically discriminating to ease budget constraints is not an ethical solution.
An equal $4000/student/year is not enough to hire anyone for a special needs student, who 1) won’t be able to benefit from the economy of scale in a normal classroom and 2) has needs that require a larger portion of a person’s time to attend to.
You need many multiple times the investment to accommodate kids with special needs because they have special needs.