INTERACTIONS BETWEEN TAXES AND ECONOMIC GROWTH IN THECONTEXT OF INCLUSIVE ECONOMIC GROWTH FACTORS

The aim of the article is to assess the dynamic relationships and interactions between taxes, economic growth and other macroeconomic fundamentals in the context of ensuring inclusive economic growth based on econometric models. As a result of the research, the trends in the movement of taxes that are the main sources of the budget - income tax, profit tax and value added tax - were revealed, as well as the interactions and interactions of the observed macroeconomic fundamental factors - economic growth, employment, investments, productivity and inflation. According to the research, an increase in income tax and profit tax, as a rule, has a negative impact on economic growth, while the effects of profit tax and value added tax on other macroeconomic fundamentals are contradictory. The effects of income tax are also negative on labor productivity, and the effects of profit tax are twofold. In a certain situation, the negative impact of the increase in the corporate tax on investment and gross fixed capital formation can seriously affect the inclusiveness indicators of economic growth. The effects of the increase in the valueadded tax on economic growth in the first stage of the stimulus action contribute to economic growth, but gradually this increase changes the direction of its impact and becomes simply negative, due to the negative impact of price factors on consumer behavior.