American military thought has coined the expression 'Overall Strategic Objective.' When [British] officers first heard this they laughed; but later on its wisdom became apparent and accepted. Evidently this should be the rule, and other great business be set up in subordinate relationship to it.
The AMT was created in 1969 over outrage that 155 high-income households making over $200,000 at that time didn't end up owing any federal income tax. That $200,000 would be worth $1.3 million today.
Some deductions have a floor which is higher under AMT than under the regular tax system. For instance, the floor for medical expenses under the regular tax system for taxpayers at least 65 is 7.5%, but 10% under the AMT system. Furthermore, none of the elements of the AMT are indexed for inflation.