Definition of taxflation in US English:

taxflation

noun

US
  • The increase in income tax payable brought about when an inflation-linked rise in income causes a person to move into a higher tax bracket (and hence to be assessed at a higher rate).

Origin

1970s; earliest use found in The Los Angeles Times. From tax + -flation, after stagflation.

Pronunciation

taxflation

/taksˈfleɪʃn/