Should the AMT be eliminated

No. We've seen what no alternative tax system leads to. However the current AMT system should be corrected to include some type of indexing for COLA/Inflation.

Answer: Yes. The AMT needs more than indexing for inflation. Even with the annual "patch" for inflation, it still adds a tax burden and complication for upper-middle-class families with more than the average number of children or who live in a state that taxes income at a high rate--neither of which are exactly progressive tax policies. Moreover, as this IRS report shows, it has done little or nothing to combat otherr tax policies that allow more high-net-worth individuals than ever to pay no tax, ostensibly the reason it was enacted more than 40 years ago. http://www.irs.gov/pub/irs-soi/05inhighincomebul.pdf