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It means, 'We will only pay taxes that our representatives in a House or Assembly [or similar body] have approved and passed into a law.

The slogan was used by the American revolutionaries and meant they they weren't willing to pay taxes imposed by the British House of Commons - as they were not represented there.

It can also mean that if you expect me to pay taxes then I am entitled to a say in how that money will be spent i.e. to have a vote in the elections to the the body with fiscal powers.

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