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To be generous with another persons' time, money, posessions or personal wherewithal in general. This may apply to (1) a person doing so for personal gain or ease or to (2) a person doing so for a third party.
1.
"Hey, can you swing by tomorrow on your way to class and give me a ride to the mall?"
"Sure, you only live 15 minutes out of the way and the mall is totally only 40 blocks from the college. That's very tax and spend of you."

2.
"Hey, I told the neighbors you could spend all next weekend demossing their roofs and cleaning gutters for them since they are going to be watching football."
"Thanks, man, I didn't have anything I would rather spend my weekend doing than getting chilled to the bone on a ladder for free. Don't tax and spend me like that!"
by Heck yes I'm JM November 5, 2008
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(Political) a.k.a. "Trickle away": the Bush-era economic policy.

Advocated by people who can not add up simple one digit integers greater than five without taking their socks off, and pure fiscal hypocrisy from those who slam "tax and spend liberals".
Guy1: "Didn't Reagan do something like this: the trickle-down thing?"
Guy2: "Yeah, but Bush's trickle-away theory took the liberals' tax-and-spend philosophy and turned it into tax less and spend more. Wanna buy a pencil? Or some matches?"
by UncleDes October 26, 2008
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