I love to make these cute and quick gift tags, especially when I'm putting together a last minute gift. My easy method, using small shipping tags (mine are from Staples):
1-Chose a mix of tape colors and patterns.
2-Layer the tapes, starting with the most transparent/lightest colors.
3-Tear the strips of tape by hand, extending the strips off the sides of the shipping tag.
4-Flip the tag and cut off the extra tape, right along the edge of the tag. I use scissors and just line them up against the edge of the tag. It's rigid enough to act as a ruler, so my cuts are always straight.