Source : Webster's Revised Unabridged Dictionary (1913)

Excise \Ex*cise"\, n. [Apparently fr. L. excisum cut off, fr.
   excidere to cut out or off; ex out, off + caedere to cut; or,
   as the word was formerly written accise, fr. F. accise, LL.
   accisia, as if fr. L. accidere, accisum, to cut into; ad +
   caedere to cut; but prob. transformed fr. OF. assise, LL.
   assisa, assisia, assize. See {Assize}, {Concise}.]
   1. In inland duty or impost operating as an indirect tax on
      the consumer, levied upon certain specified articles, as,
      tobacco, ale, spirits, etc., grown or manufactured in the
      country. It is also levied to pursue certain trades and
      deal in certain commodities. Certain direct taxes (as, in
      England, those on carriages, servants, plate, armorial
      bearings, etc.), are included in the excise. Often used
      adjectively; as, excise duties; excise law; excise system.

            The English excise system corresponds to the
            internal revenue system in the United States.
                                                  --Abbot.

            An excise . . . is a fixed, absolute, and direct
            charge laid on merchandise, products, or
            commodities.                          --11 Allen's
                                                  (Mass. ) Rpts.

   2. That department or bureau of the public service charged
      with the collection of the excise taxes. [Eng.]

Excise \Ex*cise"\, v. t. [imp. & p. p. {Excised}; p. pr. & vb.
   n. {Excising}.]
   1. To lay or impose an excise upon.

   2. To impose upon; to overcharge. [Prov. Eng.]

Excise \Ex*cise"\, v. t. [See {Excide}.]
   To cut out or off; to separate and remove; as, to excise a
   tumor.

Source : WordNet®

excise
     v 1: remove by erasing or crossing out; "Please strike this
          remark from the record" [syn: {strike}, {expunge}]
     2: levy an excise tax on
     3: remove by cutting; "The surgeon excised the tumor"

excise
     n : a tax that is measured by the amount of business done (not
         on property or income from real estate) [syn: {excise tax}]