President Obama outlined a $447 billion American Jobs Act last night that would cut payroll taxes paid by businesses and offer tax incentives for firms to hire new workers. In a research note, analyst Jeffrey M. Silber of BMO Capital Markets reported the proposal could help staffing firms if approved by Congress.

Some aspects of the American Jobs Act include:

• Would cut in half the 6.2 percent employers’ portion of the Social Security payroll tax on the first $5 million in wages.

• Will eliminate the 6.2 percent payroll taxes for any growth in payroll — whether through new hires, increased wages or both — up to $50 million above the previous year.

• Provides for a $4,000 tax credit to employers hiring workers who have been looking for a job for more than six months.

• Provides tax credits to encourage the hiring of unemployed veterans. A “Returning Heroes Tax Credit” will provide up to $5,600 for hiring unemployed veterans who have been looking for a job for more than six months. A “Wounded Warriors Tax Credit” of up to $9,600 would be available for firms hiring unemployed workers with service-connected disabilities who have been looking for a job for more than six months.

• Would prohibit employers from discriminating against unemployed workers when hiring.

• Would expand a payroll tax cut for workers. The tax cut would equal $1,500 to the typical family earning $50,000 a year.

The program would also fund infrastructure projects and other stimulus programs as well as provide for unemployment insurance reform.