does the amt account for inflation 
yes but it only did so periodically before the passage of the american taxpayer relief act of 2012 with that legislation the amt was to be permanently indexed to inflation the tax cuts and jobs act of 2017 also increased the amt exemption and the income level at which the exemption began to phase out this reduced the number of people affected by the amt these changes expire after 2025 12the bottom linethe alternative minimum tax is an additional or parallel tax system in the u s that is designed to ensure that high income individuals pay their fair share of taxes prior to the amt certain taxpayers paid little in the way of taxes due to preferential treatment of certain income and expenses or tax breaks 