Phantom tax is a term that has recently emerged in internet culture and has become a viral meme. However, the term has different meanings depending on the context. In financial and tax circles, phantom income refers to money that is never received by a partnership or individual but is still taxable. Phantom income can arise from investments, partnerships, or other sources. On the other hand, according to Urban Dictionary, phantom tax refers to a situation where a man ejaculates but no semen comes out, and it is believed that a phantom slurped up all the semen before it could come out, collecting its tax.

It is important to note that the term "phantom tax" has no official meaning in the context of taxes or finance. Rather, it is a slang term that has been popularized on social media platforms like TikTok. While the term may be amusing to some, it is not a legitimate tax term and should not be used in official contexts.