It is the whole reported number as the percentage, that is, for you, 7.00 (do not include the actual percent character).
If you are experiencing this in CC654, please know that several stores are experiencing tax calculation issues.
The solution at present is to make an edit to the following file:
/classes/cart.class.php, line 1203, remove the line:
$this->get();
The value $37.90 is 3X what the tax should be, thus somewhere, somehow, CubeCart is running $179 through the tax calculator three times. (Personally, I have not discovered why, but the programmers imply this should be the fix.)