Former President Clinton is taking aim at the GOP tax law President Trump Donald John TrumpOmar fires back at Trump over rally remarks: 'This is my country' Pelosi: Trump hurrying to fill SCOTUS seat so he can repeal ObamaCare Trump mocks Biden appearance, mask use ahead of first debate MORE signed in December, saying it was meant to hurt blue states.

"The law basically is a bullet aimed at New York and California," Clinton said in an interview with CNBC published Wednesday.

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The tax law caps the deduction for state and local taxes at $10,000, which has a greater impact in high-tax states such as New York, California and New Jersey. Governors in New York and New Jersey have enacted legislation designed to circumvent the cap, though it's unclear whether the IRS will approve them.

Besides blue-state lawmakers, nonprofits have also been concerned about the tax law. Because it increases the standard deduction, it's possible fewer taxpayers will use the deduction for charitable contributions, and nonprofits are concerned that this will lead to a decline in charitable giving.

Clinton told CNBC that people "may be less inclined to contribute big money," saying "we may have more crowdfunding" in the future.

The former president also said that the tax law may be altered if Democrats fare well in the midterm elections.

"Depending on what happens with the elections, there may be some changes to that law," he said.