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Steve Benen is spot on why it's an issue:
First, John McCain, for all of his talk about the importance of transparency and disclosure, has gone out of his way to ensure that all of his assets are in his wife’s name. And as Kevin (Drum) recently noted, “There’s only one reason for a politician to make sure that all his assets are in his wife’s name: it’s to make sure that no one knows anything about his assets. It’s not as if McCain is the first pol to try this, after all. Is the press really going to let him get away with this?”
Which leads us to the second reason this matters: McCain has always relied on his wife’s wealth, and has always “mixed business and politics.” If the point of releasing tax returns is to offer voters a chance to get a better sense of the candidate, then it’s incumbent on the McCains to stop acting like they have something to hide.
And third, there’s just the shameless hypocrisy of it all. In 2004, the Republican National Committee spent quite a bit of time and energy demanding that the Kerry campaign release Teresa Heinz Kerry’s tax returns. The candidate’s wife resisted, but after pressure from the GOP and the media, she eventually gave in and made the materials publicly available.
No one has accused the McCain's of any wrongdoing. But this stonewalling on Mrs. McCain's part and the Senator's habit of consolidating assets in only his wife's name raises a red flag.
Time for Senator McCain to practice what he preaches: transparency.


