If it doesn't involve taxes, welfare handouts and financial regulations the government sometimes do pretty well. One article is not much to go on, but it doesn't look like they are talking about taxing tech companies, but raising the transparency standards they must abide by.
If the government isn't setting the standards for privacy, it is obvious that there will be no standard other than 'profitable for Google, good for America'. I would like to see higher standards than that in Australia.
Going a little more to the root of this thread - if Google can raise enough political pressure to force the government to leave them alone that in itself would be evidence they have too much political power.