This phrase can be broken up into two parts. "Tax That Ass" is to have sex with a female in a manner that depletes the energy of the female; in a sense, "taxing" her stamina. The second part, "Like Woah," emphasizes the taxing of the ass.
1) That bitch desires my penis, I'm about to tax that ass like woah!
by Markobrad October 17, 2006