Re: dad giving me a Bass Tracker with issues!
I agree with Dan, the A/V plate, just above the prop, looks like you have an aftermarket 'fin' screwed onto it, should be even with or up to 1 inch higher than a line drawn straight back from the bottom of the hull. Mounted as low as it is now leave more gearcase dragging in the water, reducing top speed. This alone should not cause the boat not to plane out, simply reduces your top speed a bit.
Again, as Dan pointed out, you may have other problems with the motor and should do basic engine troubleshooting to ensure all is well.
Test spark on each cyl to ensure you are getting a hot blue arc, capable of arcing across a 7/16 inch gap, any less and the motor cannot perform.
Next test compression on all cyls. The actual # depends on the quality of the gauge used, manly you want to ensure that all cyls read very close to the same #.
Disconnect the fuel hose to the carbs, crank the motor and verify a strong fuel flow, these baby's need a good fuel supply to make power.
Make sure the carbs are clean, that the linkages are set exactly as spelled out in the factory service manual. Even slight variation can significantly reduce performance.
Many service manuals are available for download, check these links.
http://1manual.com/Mercury manuals/Service_Manual_Index.html
http://forums.iboats.com/showthread.php?t=309079&p=2072211#post2072211