Musk's company invested in city with tightwad eschewing banks and tax (6)

I believe the answer is:

excise

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'tax' is the definition.
(I know that excise is a kind of tax)

I can't explain the rest of the clue.

(Other definitions for excise that I've seen before include "Tax on certain goods and commodities" , "Type of tax" , "Expunge the tax?" , "Internal tax" , "Cut out; commodity tax" .)

I've seen this clue in The Guardian.

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