Does Google not pay plenty in income tax on its employees, who in fact do generate that precious intellectual property? Looking only at taxed profits is misleading.
You're missing the point of the analogy. If the legal status of the two alternatives is in question, fine...
"Sure, I cheated on you with your sister, but at least I didn't cheat on you with your mum!"
Google is dodging taxes by shuffling their profits around the world. Everyone knows the numbers are a legal fiction, and while legal, there are valid questions about how ethical a practice it is. That they pay other taxes is by no means a defense.
