It's a 20% paycut, but a 50% increase in free time! I'm doing the same thing btw, taking every Wednesday off and I love it - it breaks up the week and having the whole extra day for fun projects is totally worth the money to me.
Well put – 50% increase in free time. That's a very positive take on it. Depending on who you are that'll matter more or less, but to me that phrase is heart warming. 50% more time for the family, self care, catching up around the house. That sounds peaceful.
And you pay less taxes, so the pay cut is not as high as the full sticker.
Actually, I remained in the same tax bracket.
Even in the same tax bracket, your effective tax rate will go down (because less of your income is in that bracket.)