Tell me whats wrong with this pic and how to fix it

That is the brake booster vacuum check valve. the tape is probably covering an unused nipple or a crack. To check if it's working, run the engine, then shut it off. Wait a minute or so and pull it out, if it releases vacuum, it's good. Another way to tell is instead of pulling it out, press the brake pedal to see if you still have one or two power brake applications after you shut your engine down.

They sell new check valves in the auto parts store "Help" section.