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.
The AMT, for the uninitiated, is the Internal Revenue Service's way of trying to keep the wealthy from deducting away their entire income tax bills. Rates are lower than ordinary income tax rates, but fewer deductions are allowed. If your AMT tax bill is greater than your regular income tax bill, you pay AMT. Everything that's taxable as ordinary income is taxable as AMT income, so AMT isn't an issue for bonds other than munis.