COVID and the result of 4 years of tax cuts for billionaires/corporations catching up to us. It's probably going to continue to get worse while Republicans block congress because, while under Biden they can't really get much done in terms of fucking up wealth taxes even more, their presence also means that we can't really fix it either and it's going to stay broken with the rich getting taxed far too little.

Progressive New Deal tax policies with very good wealth taxes (around 94% for the highest marginal tax rate) are what made the American economy boom during and after WW2, and conservatives took that away from us by cutting their tax rate by over half (Reagan especially fucked it up and made it as low as 30%) and shifting the tax burden to the poor. Now we have a situation where the ultra-rich pay less taxes than the working class and our society is collapsing due to it.