Senate Democrats propose tax hike on big businesses to fund new programs, but governor opposes plan

Senate Democrats propose new tax on large corporations and tax cuts for small businesses along with increased funding for homeless services and schools.
Tax increase would apply only to top 0.2% of corporations reporting over $1.5 million in annual profits in California and raise $7 billion in first year.
Plan would fund $1 billion increases in spending on child care, schools and tax credits for small businesses.
Governor Gavin Newsom opposes the plan citing the need to cut spending in other areas to balance the budget.
Proposal still needs approval from two-thirds of Legislature and governor's signature but faces opposition from businesses.