Lower-income students being punished - Lower-income students are already being punished for living in poor neighborhoods and being forced to go to terrible schools. Parents are already competing for good teachers by moving to wealthier neighborhoods. It wouldn't bother me one bit that some kids would get better teachers than others because I believe this system would provide better education for all students in an absolute sense.
Abuse by parents - I'm not sure what mean by "abuse". I am certainly not advocating for physical violence. I wouldn't use the word "abuse" for teachers having to be responsive to parents' demands.
Racial barrier - I'm not sure why anything in this proposed system would inherently be racist.