America's Wounded Warriors Act

America's Wounded Warriors Act - Amends federal armed forces provisions to add new provisions concerning the retirement for disability of members of the Armed Forces (members) following the implementation of an enhanced Department of Veterans Affairs (VA) disability compensation system (implemented under this Act).

Authorizes the Secretary of Defense to continue after discharge or separation from active duty respite care and aid and other extended care benefits for members who incur a serious injury or illness while serving on such duty.

Directs the Secretary of Defense to conduct a study to determine the number of retired members who will be eligible for medical and dental care following implementation of the enhanced VA disability compensation system.

Directs the Secretary of Veterans Affairs (Secretary) to conduct a study to determine the appropriate: (1) amount of compensation for service-connected disability payable to veterans for each assigned rating of disability; and (2) amounts and duration of transition payments and rehabilitation transition allowances payable to veterans participating in a rehabilitation program.

Requires the Secretary to conduct a study on measures to assist and encourage veterans in the completion of their vocational rehabilitation plans.

Directs the Secretary to submit to Congress a proposal on the purposes and amounts of veterans' disability compensation and veterans' transition benefits. Provides for congressional consideration (by way of a joint resolution) of such proposal.

Makes the effective date of implementation of the enhanced VA disability compensation system the date on which the authority of Congress to disapprove the Secretary's proposal expires, as long as Congress does not disapprove the proposal before such date.

Revises the current VA schedule of disability ratings to take into account losses of earning capacity and quality of life as a result of the disability. Provides revised compensation and transition payments in connection with service-connected disabilities.

Allows a retired veteran entitled to compensation for a service-connected disability to elect to provide a monthly supplemental survivor benefit to the veteran's surviving spouse and/or children. Authorizes such election by veterans: (1) at the time of award of the disability compensation; (2) not married at the time of award of the compensation who later marry; and (3) married at the time of award of the compensation who later remarry. Allows a veteran to revoke the election of a benefit to a surviving spouse. Provides for the receipt of such benefit on the first day of the first month after the veteran dies. Requires the: (1) reduction of disability compensation due to the election of the supplemental survivor benefit; and (2) offset of the supplemental survivor benefit by the amount of dependency and indemnity compensation received.