Cryptic crossword clue
State getting reproof reducing taxes 8

The most common and most likely answer to this crossword clue is the 8 letter word DERATING

I've seen this crossword clue in Financial Times
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Buddy explains!

The straight part
We know that "reducing taxes" is the straight/definition part of the clue. The straight part is often a synonym or definition, in this case reducing taxes = derating.
The cryptic/wordplay part
In cryptic crossword there's often an wordplay/cryptic part as well.
This part involves a more complex hint, such as an anagram, homophone, hidden word, etc.
Sadly, We don't have an explanation for this specific crossword clue yet.

What does DERATING mean?

DERATING verb
  1. To lower the rated capability of any rated equipment or material.
DERATING noun
  1. The act by which something is derated.

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