If I were asked to design the AMT it would be something simple like:
1. Is your AGI over 150,000? (indexed for inflation)
2. If yes, multiply AGI times 20% (or whatever % is reasonable)
3. If your regular tax is less than AMT, use AMT.
The AMT we have now is a completely separate tax code with it's own depreciation rates, foreign tax credits, itemized deductions, etc. etc., ad nauseum. It's a hateful code that most tax professionals hate.
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