Help w/mysqli

Hi guys, Please advise me here. The following code is a recent attempt at mysqli. It doesn’t update
How do I mark “solved”

<!DOCTYPE html>
        <html>
           <head>
             <title>Select taxrate</title><br>
              <style
                body
              { background: #ccffff; }
               form
              { text-align: center; }
             </style>
           </head>
        <body>
           <form name="form" action="<?php echo $_SERVER['PHP_SELF'];?>" method="post">
             <p><label>Select state/rate</label><br>
               <select name="taxrate">
                 <OPTION class=highlight value=0.04000 selected>4% - Alabama
                  <OPTION class=highlight value=0.00000>no tax- ALASKA
                   <OPTION class=highlight value=0.00056>5.6%- Arizona
                 </SELECT><p>
               <input type="submit" name="update_taxrate" value="submit"><p>
             </form></body></html>

 <?php
         if(isset($_POST['submit']))
         { $taxrate = $_POST['taxrate']; }
         $dbconnect = mysqli_connect('localhost','root','');
         mysqli_select_db($dbconnect, 'oodb') or die( "Unable to select database");
         $taxrate = (isset($_POST['submit'])) ? mysqli_real_escape_string($dbconnect,  $_POST['taxrate']) : '';
         $id = (isset($_POST['id'])) ? mysqli_real_escape_string($dbconnect, $_POST['id']) : '';
         $result = mysqli_query($dbconnect, "SELECT * FROM numbers");
         if (!empty($_POST['update_taxrate']))
         { $update = mysqli_query($dbconnect, "UPDATE numbers SET taxrate = '$taxrate' WHERE id ='$id'");
         echo "Taxrate              has been set ..."; }
        ?>

Maybe give this one a try.

<?php
if(isset($_POST['submit'])){ 
	///////////////////////////////////////////////
	// mysqli needs four connectors	
	$host = "localhost";  
	//Database user name.	
	$login = "";
	//Database Password.
	$dbpass = "";
	//Database name.
	$dbname = "";
			
	// You can use either of these connection types
	//$dbconnect = mysqli_connect("$host", "$login", "$dbpass", "$dbname");
	$dbconnect = new mysqli("$host", "$login", "$dbpass", "$dbname"); 

	if(isset($_POST['taxrate']) && !empty($_POST['taxrate']) && isset($_POST['id']) && !empty($_POST['id'])){
		$taxrate = mysqli_real_escape_string($dbconnect,  $_POST['taxrate']);
		$id      = mysqli_real_escape_string($dbconnect, $_POST['id']); 
		
		$sql = "UPDATE numbers SET taxrate = '$taxrate' WHERE id ='$id'";
		$update = mysqli_query($dbconnect, $sql);
		
		if(mysqli_num_rows($update)){
			echo "Taxrate              has been set ..."; 
		}else{
			echo "Houston we have a problem";
		}
	}else{
		echo "Please add all fields";
	}
}	         
?>

EDIT:
Hmmm… well after looking at your form I see you are not supplying an ID. In your example you have a partial query where you are querying, I assume to get the ID number, then making an update. Can explain what you are trying to do. This makes no sense.