Definitions by MSquared

chip tax 

The legitimate theft of potato chips from one's friends and colleagues. The thief will usually utter the phrase "chip tax" while stealing the chips. Uttering thae phrase "chip tax" while stealing someone's chips gives the thief immunity for the theft. This is a specific variant of yoink and is related to tax (steal sense)

John uttered the magic phrase "chip tax" while stuffing his mouth full of a handful of my chips.

chip tax by Msquared March 14, 2003