The term 'CUT OUT TAX' can be summarized as the process of removing an EXCISE tax. An EXCISE tax is a type of tax that is imposed on certain goods and services, such as alcohol, tobacco, and gasoline. It is usually collected at the point of sale or production. The purpose of an EXCISE tax is to raise revenue for the government, and it is typically used to fund public services. By cutting out the EXCISE tax, businesses and consumers can save money.