Add cream cheese and mix until well-blended and creamy.
Add 1/2 of powdered sugar and mix on low until well-incorporated. Add the rest of the powdered sugar and mix on low until well-incorporated. Mix on medium-high until creamy.
Add vanilla and mix until well incorporated and creamy.
Add milk and salt as needed and mix well.
Store leftover frosting in the refrigerator. Baked goods frosted with this frosting will need to be stored in the refrigerator until an hour before serving, unless they will be in a cool room and served within a few hours.