What does tax-deferred mean?

tax-deferred in AZ Dictionary

(a) Of or concerning a good investment that's not liable to taxation until earnings is withdrawn or an appointed day is reached.
(a) Of or relating to the income that such an investment makes prior to getting subject to taxation.
(a) explaining a thing that tax will not be because of on until a later time (i.e. taxation is deferred to a later time).

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