The CBT tax works in 2 ways.
A blanket tax on all overages depending on how many years you are over the tax. The Jays are a first year offender so they pay a 20% tax on all overages.
The second way the tax applies is the surcharge thresholds. There are various tiers depending on how much the team is over. But those surcharges only apply to the amounts you are over. For example, if you spend $302 mil you are in the highest tier and a 60 percent surcharge applies. But that surcharge only applies to the money above the threshold. So you'd pay a 60 percent surcharge on the 1 million that you would be over.
So going over the thresholds a little bit isn't a big deal, but if you go over them a lot it is. Especially once the Jays hit 281 million. Every dollar they spend between 281 mil and 301 million will carry a 42.5% surcharge.
Here's the surcharge tiers:
$261 million to $281 million: 12 percent surcharge
$281 million to $301 million: 42.5 percent surcharge for first year; 45 percent for each consecutive year after that
$301 million or more: 60 percent surcharge