Teacher Excellence for All Children Act of 2007

Teacher Excellence for All Children Act of 2007 - Revises and establishes programs relating to recruitment, preparation, distribution, and retention of public elementary and secondary school teachers and principals.

Amends the Higher Education Act of 1965 (HEA) to establish: (1) teacher education assistance for college and higher education (TEACH ) grants for undergraduate and graduate students who agree to serve as teachers in high-need schools and fields; and (2) grants to recruit teachers with mathematics, science, or language majors.

Extends the authorization of appropriations for HEA teacher quality enhancement grants for states and partnerships.

Revises HEA student loan forgiveness requirements to: (1) increase the amount of loan forgiveness available to mathematics, science, and special education teachers; (2) make reading specialists eligible for such forgiveness; and (3) apply such forgiveness in annual increments rather than in a lump sum at end of their service obligation..

Amends the Elementary and Secondary Education Act of 1965 (ESEA) to establish grant programs to improve teaching at high-need schools.

Requires states to provide assurances of their reasonable progress toward equitable access to teacher quality as a condition of assistance under ESEA.

Amends the Education Sciences Reform Act to direct the Statistics Commissioner to publish results of certain schools and staffing surveys.

Amends the Internal Revenue Code to: (1) exclude from gross income up to $15,000 for compensation of teachers and principals in certain high-need schools or teaching certain high-need subjects; and (2) increase to a maximum of $500 and make permanent the above-the-line deduction for certain expenses of elementary and secondary school teachers.