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Phrase used when someone is having a joke/laugh at your expense or taking the piss out of you.
"I'll tell you what Herman, The people at the tax office are pulling my pants down"
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basically means being (shafted) or someone who has (screwed) you, ripped you off or fucked you over, usually for money.
i have just paid $200 more than i should have for that bitch, that guy has has totally pulled my pants down.
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When something happens and it makes such little sense that a little kid running up to you and pulling your pants down seems more logical.
Jeff - "Hey Tom, did you hear that billy is going out with your ex?"
Tom - "You gotta be pulling my pants down kid!"
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