财政拖累是指由于税收起点的上涨与通货膨胀水平不符，导致税务收入的上升，人民实际收入减少。

假使某人一年收入为20000美元，当时收税起点为5000美元以上收税20%，这样他一年缴税为(20000-5000)x0.2 = 3000美元，即收入的15%。现在假使由于通货膨胀，其收入上涨5%，至21000美元，但政府将税收起点上调2%（即5100美元以上收税20%），那幺他今年将缴税(21000-5100)x0.2=3180美元，即收入的15.14%。这样使得收入中缴税比例提高，导致财政拖累。

Fiscal drag happens when the government's net fiscal position (spending minus taxation) fails to cover the net savings desires of the private economy, also called the private economy's spending gap (earnings minus spending and private investment). The resulting lack of aggregate demand leads to deflationary pressure, or drag, on the economy, essentially due to lack of state spending or to excess taxation.