Corporate America and the people who manage your money are hugely divided on the prospects changing the U.S. tax code.

Businesses are "still optimistic on fundamental U.S. tax reform" while "investors have given up," Bank of America Merrill Lynch strategists Athanasios Vamvakidis and Ronald Man wrote in a note Friday, citing surveys conducted by the bank.

Trades tied to expectations of faster growth that were in vogue immediately following the U.S. election have stalled as the Trump Administration's agenda remains in a legislative quagmire. Goldman Sachs' basket of companies with high effective tax rates — which would stand to be among the biggest beneficiaries from reform — has far lagged another index that tracks firms with low tax rates, implying that investors have soured on the prospects for action in this area.