These estimates imply that male-to-female respondents...lose about 31 percent of their earnings after their gender transition... Female-to-male respondents ...are estimated to gain about 10 percent in earnings following their gender transition...
What's so surprising? That misogyny has double the effect of transphobia. About 10% vs 5% - translating into a 20% and 10% pay difference respectively.
Someone going from Female (-10%) to Male (+10%) Would get a 20% pay rise.
Someone going from non-TS (+5%) to TS (-5%) would get a 10% pay cut.
So someone doing both - an FtoM transition - gets a 10% pay rise.
Someone going from Male (+10%) to Female (-10%) would get a 20% pay cut.
Someone going from non-TS to TS gets a 10% pay cut too - so someone doing both gets a 30% pay cut.
Yes, I know I'm assuming they're independent variables, and they're probably not. But as a back-of-the-envelope calculation, it's in the right ballpark.
Figures are from Before and After: Gender Transitions, Human Capital, and Workplace Experiences Schilt K, Wiswall M in The B.E. Journal of Economic Analysis & Policy