It's perhaps better to say that if you are paying AMT, 26% is the LOWEST your marginal tax rate would be.
I think most people count their normal tax income rate as the marginal tax rate, but if you end up paying a HIGHER tax rate due to AMT, then the AMT rate is effectively your marginal tax rate.
In my case, I would be paying 15% or 25% marginal tax rate on any given year, but capital gains conspire to make me subject to AMT, and that means I pay 26% on most of my non-cap-gains income.
In your case, your marginal tax rate is 35%. You end up paying AMT on top of that because some of your big deductions are disallowed under AMT. Even though you end up paying AMT, your last earned dollar is still taxed at 35%.
Audrey