WTF is this AMT nonsense? (taxes)

[Paul B.]

I went to go see a tax professional today. At first, he added up my profits for the year 2005 and got a total of about $30K. He told me I'd have to pay approximately $2400 in taxes. That sounded nice, but I told him that that was the wrong way to do it.

He then did it the right way, adding up my wins ($60K, Form 1040 - Other Income) and deducting my losses ($30K, Line 22 of Schedule A, NOT Line 27 as some of the threads here have indicated). Well, it ended up that I'd have to pay about $5400. WTF, $3K MORE? He said the difference was in the AMT (Alternative Minimum Tax), which ended up to be about $2k. WTF? Is this right?

Not only that, we haven't even gotten to state taxes. I read in an old thread that my entire winnings of $60K (without taking deductions) is going to be taxed. If that is true, I'm going to owe another $3700, meaning I'm paying $9K on $30K winnings. Seriously.... if all this is right, I find little reason to even play poker at all.