An initiative to repeal Washington’s capital gains tax, which levies a 7% tax on the sale or exchange of long-term assets like stocks, bonds and business interests, was defeated Tuesday. Voters were opposing Initiative 2109 by 63.

Early election results indicate that a majority of voters have rejected Initiative Measure 2109, with 63% of voters voting against it while 37% voted in favor.

Tuesday night results for Initiative 2109 show the measure to repeal the capital gains tax is failing by a wide enough margin for backers of the