It would make things worse for students, with most people studying to become teachers just for the paycheck. Fat stacks of cash do not turn a person into someone I want to trust my children with, nor does it effectively alleviate problem-child-related stress. The job should be it's own reward.
No K-12 teacher should earn any more than is necessary to live in a decent neighborhood and support a family with help from a spouse, especially if publicly funded.