I understand that it is not required, and I agree teachers do a lot for our kids, but this gifting thing has become waaaay out of hand, thus the reason it was stopped here. A hand written note or drawing from the child is fine, but nothing of monetary value. Parents were getting more and more ridiculous about the cost and extravagance of the gifts, plus there are some families that just cannot afford the gifts, thus causing embarrassment to the child that shows up empty handed. Plus, there is the appearance of impropriety. The better the gift the more preferential treatment the child gets. I'm not saying this actually happens, but someone could make a case for it. I read an article that discussed the issue in (I think) the Maryland area where the gifts were as extravagant as use of a ski cabin, and spa weekends.

Also, after reading on here how many gifts go "in the trash" or are unwanted, I would be even less inclined. I think my child would be devastated to learn that that gift he/she picked out or that batch of cookies/brownies she worked so hard to bake went in the trash or were considered "junk." I was always taught that you appreciate any gift you get, because no one had to get you one. (Shoot, my ex was the worst gift giver. I thanked him and smiled through shoe trees!)
My final point is there are no other professions in which it is expected to give a gift. You don't pick out gifts for your doctor, or lawyer. I understand something a little extra in the tip envelope for your "tipped" workers, such as your hairdresser or housekeeper or paper boy.
Oh, by the way, I have to agree with all the above that if you are giving a gift please try to avoid specific religious icons. You don't know what, if any, religion the teacher practices.