Jack Kingston: “There is another angle to this, too. In my area, for example, Bulloch County, GA, Statesboro, GA, Georgia Southern…”

“There is another angle to this, too. In my area, for example, Bulloch County, GA, Statesboro, GA, Georgia Southern University has a lot of growth. There are a lot of ladies who are widows now but they live on a family farm which is in a growth area. The city is sprawling, and they want to sell that property. They have owned it for 30 years. They may have bought it for $10,000. Now it is worth a half-a-million dollars. But they are in their seventies or eighties. They cannot farm it. They have trouble getting somebody to lease it out. They want to sell it. Their fixed income on Social Security and whatever benefits may be $12,000 or $15,000, but if they sell that farm, then all of a sudden they are in the highest tax bracket.”