1 definition by crownofpants
A rainbow bracelet or other piece of rainbow jewelry that signifies homosexuality and/or a willingness to get fucked in the butt.
"Hey bro, what's up with your bracelet, it's totally a fag tag."
"Oh, yeah it's to show guys that I'm ready to taste the rainbow."
"Oh, yeah it's to show guys that I'm ready to taste the rainbow."
by crownofpants November 24, 2014