Living American Wage (LAW) Act of 2006 - Expresses the sense of Congress that: (1) the federal minimum wage should be adjusted every four years so that a person earning such wage may earn an annual income of not less than 112% of the federal poverty threshold; and (2) Congress or the states may establish higher minimum wage requirements than that established in this Act.
Amends the Fair Labor Standards Act of 1938 to revise calculation of the federal minimum wage to be not less than $5.15 an hour beginning September 1, 1997, and not less than the minimum hourly wage sufficient for a person to earn an annual income that is 12% higher than the federal poverty threshold for a two person household, with one child under age 18 years of age, beginning January 1, 2007.