Q: Many many times, I have read words similar to yours: “The AMT originally was created in an effort to prevent a small number of high-income people from escaping paying any federal income tax.” What I have never read, however, is any discussion of whether it actually achieves this goal. Does it?

K.D., Denver

A: The alternative minimum tax, or AMT, does prevent some high-income taxpayers from avoiding having to pay any federal income tax.

But that’s a dubious achievement. The AMT is nightmarishly complex — and, even more importantly, it ensnares many people who weren’t supposed to be affected by it.

As a result, most tax experts I’ve interviewed agree that the AMT is grossly unfair and should be repealed — the sooner, the better. In trying to cure a problem affecting a tiny number of people decades ago, Congress has created a monster.

Last year, roughly four million taxpayers were hit by the AMT. Among those most likely to be affected are people who live in high-tax areas, such as New York City, New Jersey and California, with income between about $100,000 and $500,000.

Among the influential tax groups that have called for total elimination of the AMT is the American Bar Association tax section.

But don’t hold your breath waiting for repeal. The AMT generates so much revenue that it is unlikely to face the ax any time soon.

In essence, the AMT requires millions of people to figure their taxes two ways — the regular way and a separate way using different rules — and pay the higher amount. Under the AMT, for example, you can’t deduct state and local taxes. For more details, see the Web site of the Tax Policy Center, a joint venture of the Urban Institute and Brookings Institution (TaxPolicyCenter.org). Type “alternative minimum tax” in the search box.

If you’re an AMT victim and you invest in tax-exempt municipal bonds, here is one tip that can help ease the pain, at least somewhat: Watch out for what are known as “AMT bonds.” These are municipal bonds that pay interest subject to the AMT. So, even though these bonds generally are known as “tax-exempt,” they aren’t really tax-exempt if you fall into the clutches of the AMT.

Before you buy a municipal bond, be sure to investigate whether that bond is affected by the AMT. Otherwise, you may be in for an ugly surprise at tax time.