50% a day would be great if you have the tank on an auto-top off feature where 50% of the tank water is drained and refilled every day. But for most tanks 10-20% once a week will be fine.
Once you are overstocking and keeping more delicate fish then the changes become more necessary. I am currently raising to around 30% twice a week on my largest tank, though my 2 DPs in a 30 gallon only get one 15-20% per week.
The main deciding factor in Water Changes will be the nitrate level. As it rises it's time to do a change. Exactly what level to change at is open to some debate. Some will say never have more than 20ppm (same as my tap water) and othres say for sensitive fish never over 40ppm.
The only research I have found on the subject is Nitrate toxicity to five species of marine fish by Pierce, RH; Weeks, JM; and Prappas, JM reported in Journal of the World Aquaculture Society. Vol. 24, no. 1, pp. 105-107. 1993 in which it is pointed out that earlier tests have shown that prolonged exposure to nitrates over 100 ppm may be detrimental to fish. This is fairly important as nitrates are considered far more damaging to marine fishes due to the operation of their osmoregulatory system. I remember a great post by Steelhealr on the subject a while ago that detailed it all nicely, but I'm damned if I can find it now...
So I take 100ppm as my upper ceiling as I have no super sensitive fish.