The phrase "tag and rag" is an old term that describes items labeled as worthless or inferior quality goods. The word "tag" refers to a label or price tag that is attached to an item, while "rag" relates to something that is worn out, torn, or of low quality. Synonyms for "tag and rag" include scraps, remnants, cast-offs, shoddy, tattered, and second-rate. These words describe items that are damaged or unwanted, whether it be clothing, material, or goods. Though the phrase "tag and rag" is not commonly used today, the concept of inferior quality goods still remains prevalent.