tax exempt
/tæks ɪɡˈzɛmpt/
adjective
- Not subject to taxation; free from the requirement to pay tax on certain income, property, or transactions.
- Interest earned on municipal bonds is often tax-exempt at the federal level.
- Nonprofit organizations are usually tax-exempt, so they don't pay income tax.
- Some retirement accounts allow your investments to grow tax-exempt until you withdraw the money.
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