My comment about under-taxed was more as a comparison to other companies. I think that the way things are going, reducing corporation taxes and collecting revenues directly from dividends and capital gains tax may be the way to go. But it's important that companies face as much of a level playing field as possible - or you get monopolies. And at the moment, multi-nationals get an advantage over companies that only operate in one country, and so don't have access to such tax minimisation shennanigans.
Also, taxes are easier to collect at lower rates, as it's not worth the effort to evade them.