An excise tax is a special tax levied on specific products sold within a country. To excise something can also mean to get rid of it. Say, wouldn't it be nice if they would excise the excise taxes?
An excise tax is simply an extra tax put on various products. Perhaps the most common examples are the taxes levied on tobacco and liquor, often called "sin taxes" because drinking and smoking are considered vices. There is also an excise tax on gasoline. To cover the tax, the seller will usually raise the price of the item. Interestingly, the word excise (ek-SIZE) used as a verb means to remove something by cutting it out. Good luck with excising the excise taxes!