You're right to think it's strange, because it is. It's a tax that was created long ago to try and close a loophole used by executives, but in today's world, it

You're right to think it's strange, because it is. It's a tax that was created long ago to try and close a loophole used by executives, but in today's world, it functions as a barrier to participation in the wealth created by young companies. One could view the AMT as explicitly serving as a way to prevent poor/middle class people from becoming wealthy by way of stock options.