I agree. Another economic concept is tax incidence, that is the term for who ultimately pays taxes. Conservatives like to pretend that all tax is paid by consumers, but this is a naive/trivial viewpoint because companies cannot set infinitely high prices, so tax may come from profit.

It's true that increased taxes don't always see the full incidence land on profit, but alot of it does because pockets aren't endlessly deep so prices can't be raised to offset all tax. I believe in using windfall taxes to prevent profit driven inflation.