How big of a salary cut should one expect if you decide to work in Europe over North America?

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I hear it’s anywhere from 40 - 50% but I could be wrong.

Really depends on where you go. I suggest to compare net to net as this is what you end up having in your pocket. Also research an average on your exchange rate, not just the last week.

I've had companies offer me almost half of US pay and then when I turn it down offer me a job in a US location for more than what I already make. Also had the logic of "well, a British pound is worth $2 so it's like you're making the same"... Right...

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