Even fifty years ago people did not understand the difference between profit and markup. Markup being the costs say a retailer pays to cover all of his or her selling expenses after paying his suppliers. Profit is what is left after all those expenses.
Hell. I learned that at 10. I had a paper route. I had to collect (learned how to do that well) the money and pay for the papers I delivered (cost of goods sold). Whatever was left was mine to keep (income). Didn't have much in the way of costs, except the occasional bicycle tire tube, and my time. I figured out real fast that tips were paid for excellent service. I also figured out how to reduce the time it took to fold, pack, and deliver those papers dry and undamaged. More tips, better profit. 😎
The average person doesn't understand that corporations do not pay income taxes. Their customers pay those taxes as part of the goods and services they purchase from that company. On every profit and loss statement there's a line at the bottom titled "Provision for Income Tax".
There's still a competitive advantage for companies in low tax states, such as Texas. Blue states such as NY & IL blithely dismiss these facts, but they will eventually pay for their policies.