Not for not-so rich people. Works for me.
In the grand scheme of things the injustice of the AMT hitting not quite rich enough people is not a big deal. But I got hit with the AMT once (twice?). It was annoying. I'm not objecting to the amount of tax I owed. I'd be happy to raise the marginal rates to achieve the same goal (meaning I'd have paid same amount I owed), but dangling those deductions which influence the decisions you make, along with requiring nontrivial accounting, only to pull them back on the final turbotax page, or whatever, is stupid.
Generally I'm against phasing out of deductions. Cap deductions, fine, and raise marginal rates even on the not quite rich enough crowd, fine, but phasing out deductions based on income can result in very high effective marginal tax rates.
