I don't think it is toxic, as much as it is almost always misused. Read the following and tell me how many people you know have been using the term correctly.

WIKIPEDIA: Liberalism is a political and moral philosophy based on the rights of the individual, liberty, consent of the governed, political equality, the right to private property, and equality before the law.

[–] porous_grey_matter@lemmy.ml 25 points 19 hours ago

For leftists that's exactly who we're talking about when we say liberals. The right to private property and equality and the consent of the governed are logically incompatible. Right liberals (e.g. US Republican party) emphasise the former, and moderate liberals (e.g. US Democratic party) pay lip service to the latter while only actually protecting the former. It's really only about property in the end.