A jobs bill introduced by Republican Senators Thursday aims to cut individual and corporate taxes along with repeals of major regulations, including the Dodd-Frank Act.

The bill introduced by Senators Rand Paul (R-Ky.), John McCain (R-Ariz.), Rob Portman (R-Ohio) and Mitch McConnell (R-Ky.) is the latest effort to repeal the financial reform law. Rep. Michele Bachmann (R-Minn.) attempted to earlier in the year, but the bill went nowhere, even in the Republican controlled House.

Each of the top Republican candidates for president in 2012 have stated they would support a bill repealing Dodd-Frank, including Mitt Romney, Rick Perry, Herman Cain and Bachmann herself.

But top Democrat Senators have pledged they would not allow Republicans to dismantle Dodd-Frank. They point out banks operated without the rules within it leading up to the crisis, which resulted in millions of foreclosures, still declining home values and mass layoffs.

The jobs bill submitted this week follows a Senate rejection of the president's plan last week. President Obama, however, is planning to introduce parts of his proposal separately, specifically the pieces putting jobless construction workers toward rebuilding the country's infrastructure.

But Republicans said that proposal does not go far enough to cut spending and reduce burdensome regulation.

"We have spent too long increasing the tax and regulatory burdens on job creators, instead of allowing them to operate more freely and create more jobs," Paul said.

The proposal absorbed bills from Sen. Jim DeMint (R-S.C.) to not only repeal Dodd-Frank but the Obama health care overhaul.

The Institute of International Finance estimated in June 2010 that Dodd-Frank would cost the economy 4.6 million jobs by 2015, based on their modeling.

The bill also lowers the corporate tax rate and top-income tax rate to 25% while putting a moratorium on any new regulations. It also attaches a balanced budget amendment Democrats opposed during the most recent debt ceiling debate and grants the President a line-item veto power.

Republicans said the proposal would result in 5 million new jobs, though they give no time span.

Write to Jon Prior.

Follow him on Twitter @JonAPrior.