In writing, the sentence can be rewritten to reduce possible misinterpretation, either by adding a comma after "taxes" (to convey the first sense) or by changing "which" to "that" (to convey the second sense) or by rewriting it in other ways.
ɪn ɹˈaɪɾɪŋ, ðə sˈɛntəns kæn biː ɹᵻɹˈɪʔn̩ tə ɹᵻdˈuːs pˈɑːsᵻbəl mˌɪsɪntˌɜːpɹɪtˈeɪʃən, ˈiːðɚ baɪ ˈædɪŋ ɐ kˈɑːmə ˈæftɚ "tˈæksᵻz" tə kənvˈeɪ ðə fˈɜːst sˈɛns ɔːɹ baɪ tʃˈeɪndʒɪŋ "wˈɪtʃ" tuː "ðˈæt" tə kənvˈeɪ ðə sˈɛkənd sˈɛns ɔːɹ baɪ ɹᵻɹˈaɪɾɪŋ ɪɾ ɪn ˈʌðɚ wˈeɪz.