A whopping 82.3 percent of the CNBC Global CFO Council say that Congress should reform the corporate tax code, but 100 percent say they won't, at least not before the end of next year.
In the latest quarterly CFO Council survey, members weighed in on a range of issues, including the markets, tensions between Russia and Ukraine and the upcoming midterm elections.
The issue of corporate taxes came as part of a series of questions related to the now-withdrawn bid by Pfizer to buy AstraZeneca, which may have allowed Pfizer to move its domicile to the U.K., avoiding some U.S. corporate taxes. Only 30 percent of respondents said that dodging taxes was Pfizer's primary motivation to make the bid, and 70.5 percent said the takeover would have benefited both companies' shareholders.
When it comes to the markets, the council's optimism has taken a dive over the last three months. Today almost 65 percent say the Dow Jones Industrial Average will not reach 17,000 this year, an uptick in pessimism from February's survey in which nearly 39 percent said the same. A little more than one-third expect the S&P 500 to experience a correction before the end of 2014—another uptick in pessimism since February's survey.
Tensions in Russia and Ukraine may be partly to blame for a further dip in global economic confidence. About 6 percent of Council members say they have abandoned plans to invest in Russia as a result of increased tensions; nearly 18 percent said they are less likely to invest. The same percentage of CFOs also say they are less likely to consider investing in Eastern Europe as well. The overall outlook for Russia and Eastern Europe is not so good: 70.5 percent of respondents say both regions will slow down in the next six months.
On the home front, the council gave its early midterm election predictions. A little more than half of respondents say Republicans will win control of the Senate as well as maintain control of the House this November. The other council members—41.2 percent—believe that Democrats will hold the Senate, and Republicans the House. When it comes to performance, two-thirds say their firm would do best if Republicans grabbed the majority in both the Senate and the House; a little more than 35 percent said that it wouldn't make a difference.
It's fair to say that the CFO Council is not politically balanced: 41.1 percent identify themselves as Republicans, 11.7 percent as Democrats and 23.5 as Independents. It's important to note that 23.5 percent preferred not to state their political preference.
The complete results of the CNBC Global CFO Council survey can be found below: