Place the cream cheese in the bowl of a stand mixer fitted with the paddle attachment, or use a large mixing bowl with a handheld electric mixer. Beat on high speed until it becomes smooth.
Add the butter and the chocolate caramel sauce, and beat on high until well combined and smooth, scraping down the bowl as needed.
Add the powdered sugar and salt. Turn the mixer on low until all the sugar is incorporated. Scrape down the bowl, and then turn the mixer on medium for 2 minutes. Scrape down the bowl, and turn the mixer on high for 3-5 minutes, or until the frosting is light and fluffy.
Salted Chocolate Caramel Sauce
Place sugar in a small saucepan over medium heat. Gently stir the sugar, creating a well in the center. As the sugar begins to caramelize, gently stir a bit more sugar from the outside of the well into the center. Keep doing this, periodically, as the sugar caramelizes. This will take about 10 minutes.
While the sugar is melting and caramelizing, heat the heavy cream in the microwave in 30 seconds burst until warm. Once the sugar has turned a dark amber color, reduce the heat to low and gently stir in the heavy cream, a little at a time. Add the butter, cocoa powder, and salt, and allow to melt completely, while gently whisking.
Once the butter has melted, gently whisk the mixture until it is well combined. Remove from the heat and cool to room temperature before using in the frosting.
Notes
The caramel sauce makes 1 cup.
Heating the cream in a glass measuring cup makes it easiest to pour into the sugar without spilling.