What does the cryptic crossword clue "Cut in contributions to the Treasury uncovered (3)" mean?

The definition is "Cut". The wordplay uses a deletion. AXE (deletion) + (deletion) = AXE; definition: "Cut" The answer is AXE.

Cut in contributions to the Treasury uncovered (3)

Independent Cryptic #11470 | 25 Down | 2023-07-17 flower