Silicon Valley's billionaires won the tax battle. The war on wealth is just beginning.

Win McNamee; Andrew Harnik; Roberto Schmidt/Getty Images; Alyssa Powell/BI For many in the tech industry, the midterms landed like a hangover after a two-year bender. In the sober light of day, their flirtations with MAGA and extravagant spending may now seem embarrassing. Yet for Silicon Valley's billionaire class, there's still reason to keep the champagne flowing after the election — because it still pays to be rich. California voters appear to have rejected prop 40 , a landmark initiative to impose a one-time 5% tax on billionaires in the state. They also seem to favor a countermeasure, prop 42, that would hamstring any future attempts to tax financial assets —the kind that separate the rich from the really rich. (Votes for both measures are still being tallied.)