Well, I don't work for Google (though sometimes I wish I did), but I agree that any company which does not use all the available rules to minimize its taxes should have its CFO fired. After all, that's what a person would do if she found out that the person doing her taxes deliberately does not maximize her return.
Of course, there is a difference between maximizing your tax return this one year and carefully milking the loopholes for decades. Google is not doing a good job of the latter, so whoever is responsible for Google PR should be replaced with someone more competent.
Capital prices are more about relative competitiveness than absolute competitiveness. If every hundred dollars makes $4 instead of $5 next year because of closed tax loopholes, and your investment now makes $400 a year instead of $500 because of those same closed tax loopholes, then your investment hasn't changed price.
Depending on the PR costs to support these tax loopholes, Google may even be better off closing them - so long as the PR costs are expensive enough, and the tax loopholes benefit everyone equally. The whole industry makes less money, the government gets more money, and Google saves on PR costs, providing a relative advantage and increasing their stock price.
Thus spake Eliezer:
It seems that many here might have outlandish ideas for ways of improving our lives. For instance, a recent post advocated installing really bright lights as a way to boost alertness and productivity. We should not adopt such hacks into our dogma until we're pretty sure they work; however, one way of knowing whether a crazy idea works is to try implementing it, and you may have more ideas than you're planning to implement.
So: please post all such lifehack ideas! Even if you haven't tried them, even if they seem unlikely to work. Post them separately, unless some other way would be more appropriate. If you've tried some idea and it hasn't worked, it would be useful to post that too.