OLYMPIA, Wash. — Washington state voted to reject Initiative 2109 Tuesday night.
Votes to approve I-2109 were at 37%, while votes against the initiative were at 63%.
If passed, Initiative 2109 would have repealed the state capital gains tax imposed annually on the sale or exchange of long-term Washington capital assets.
Supporters of the initiative argued the capital gains tax is "volatile" and not the right source of revenue to fund early childhood education. He believes the capital gains tax is a "gateway" to a future income tax.
Opponents of I-2109 believed repealing the tax could have a "ripple effect” on childcare subsidies and educational programs.