I agree with nursegirl...please ensure that you do not stop any medications without consulting with your doctor first. Xanax is a potent benzo usually prescribed short term because of its short half life and our tendencies to build up a tolerance to it. I have used klonopin in the past, which worked well for me.
I also believe that medication is only a part of the battle with anxiety. Seeking help through counseling is a must in my experience with this. By learining about your anxiety, you can be given the knowledge to confront it and deal with it...keep us posted!
The short answer is a resounding YES!
The longer answer....is Xanax is a short-acting benzodiazepine (anti-anxiety med) which is best used for short term treatment, due to the issue you mention ("tolerance"). Tolerance is where, over time, your body requires a higher and higher dose to obtain the same therapeutic effect.
For long-term treatment of anxiety with a benzo, there are better options. Klonopin, for one, doesn't share the same tolerance issues that the short-term benzos (Ativan, Xanax) do, not to mention that Meds like Xanax are really better utlitized as "rescue" meds...meaning in the event of a panic attack, or severe anxiety, the Xanax is fast acting and allows for relief....but however, it also doesn't last long, therefore to obtain a more steady state of calm, a long-term benzo like Klonopin would be the way to go. That decreases the commonly complained about "ups and downs" with a med like Xanax, or Ativan.
Something you may want to discuss with your doc. How long have you been taking Xanax, and what is your dose?
A word of warning...these meds should NEVER be stopped abruptly, they should always be tapered when they are d/c'd.