In looking at the AMT form it appears that the computation deletes the deduction you might have had for other taxes, the deduction for any mortgage interest paid on a refinance for the amount over the original loan, and the deduction for miscellaneous expenses. Is this right so far? If so, why are they disallowing the deduction for state and local taxes?
Then there is a page of stuff related to qualified dividends and capital gains. Does this basically phase out the favorable 15% rate on those items, replacing it with the 26% or 28% AMT rates?