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The Senate Finance Committee will hold a hearing on Thursday on individual tax reform. Orrin Hatch, the committee's chairman and one of the six primary tax negotiators, said he expects to share the plan with other lawmakers after that and other hearings.President Donald Trump urged lawmakers last week to push forward with tax legislation "ASAP," telling them not to wait until the end of September.Leung, a former justice minister, had earlier said that the Legislative Council had the power to make the law retroactive if there was a “large-scale” breach before it came into force.

Elsie Leung Oi-sie, vice-chairwoman of the Basic Law Committee, which advises Chinese state leaders on the implementation of Hong Kong’s mini-constitution, said the city’s Bill of Rights Ordinance does not ban retroactive laws, rejecting earlier claims that a backdated law would flounder in the courts.

Former Court of Final Appeal judge Henry Litton said whether or not a retroactive law would fall foul of the ordinance’s Article 12 would be “a very interesting question”.

The legislation was enacted on July 9, 1997, but took effect from July 1 that year, she said.

Leung did not mention that five Court of Final Appeal judges, including Litton, ruled the retroactivity unconstitutional in 1999, and it was only after an NPC Standing Committee interpretation of the relevant immigration provision in the Basic Law that the law took effect from July 1.

The post backdating feature was used by a very small percentage of users but placed significant demands on Tumblr's infrastructure.

A Beijing adviser on Wednesday doubled down on her claim that the Hong Kong government could use the incoming national anthem law to punish anyone who disrespects the song before the law even passes, as a former top judge questioned whether that would be constitutional.Republicans still face questions about how they will make up for the revenue lost in major tax cuts, especially because they have abandoned border adjustment, a cash-raising provision championed by House Speaker Paul Ryan.Mnuchin said Trump's goal of chopping the corporate tax rate to 15 percent could be difficult to achieve.Watch: Hong Kong soccer fans boo national anthem The incoming law has been given added relevance by a section of fans of the city’s soccer team, who have since 2015 booed the national anthem before matches.Fans booed the song before Tuesday night’s Asian Cup qualifying match against Lebanon at the Hong Kong Stadium. “Everyone is responsible for respecting their own country and the anthem that represents the country. While there can be amendments to the local law depending on the situation, Leung said the NPC Standing Committee holds the power to “return” the law if it finds it not in line with national legislation.Backdating "is still something we are considering and it would be a big boon for the economy," he said at the Delivering Alpha conference presented by CNBC and Institutional Investor.


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