James Whittier Parker: “We have got a lot of people around this country when I am talking to them about death taxes, they sit back and go…”

“We have got a lot of people around this country when I am talking to them about death taxes, they sit back and go, ``That doesn't affect me.'' But whenever I start asking them, I say, ``Didn't you inherit a little bit of land from your daddy and mama?'' ``Well, yeah, I've got 150 acres.'' ``Do you know what the current value is?'' They think in terms of what the value was when they inherited it. But inflation has changed that over a period of time. It shocks a lot of people out there to realize that the IRS comes in and values their property much more than they think their property is worth. They are looking at it from a realistic standpoint. The IRS looks at it from a fair market value and what other property has sold in the region. They have all these criteria. What happens is all of a sudden these people who turn around and say, ``Hey, I'm not rich, I don't have that much,'' they find out whenever the time comes that they had more than they thought. All of a sudden the Federal Government is going to come in and say, ``By the way, we're going to take part of that.'' That is when it hits home. That is when all of a sudden people are in a situation that they say, ``Hey, I had no idea that I was going to be affected.'' Let me point out, we spend in this body all kind of time talking about investment and savings. We need more investment and savings. I must tell the gentleman, if we reward investment and savings, we are going to get more of it.…”