Ironically this was how I felt sometimes talking to various EU-based companies I was considering working with last year. Especially given the popularity of the "you're a contractor your first year, then maybe you become an employee" model.
I was looking at a situation where:
1. The base pay was already less than my prior salary had been, and
2. Because of the "start as contractor" model I'd get to pay at least an additional 15% in tax for the privilege of working for them, and
3. Because contractors are responsible for their own insurance, I'd get to pay for that out of my own pocket too, and
4. Since even the base pre-tax, pre-overhead rate was about 20% less than my prior salary, it'd kill me when time came to negotiate for my next job -- it'd be the same as being set back multiple years' worth of seniority/experience, since salary negotiation always starts with what you made at your last job.
I ran the math on one offer and it came out close to an effective 40% cut plus a likely significant reduction in whatever I'd make at future jobs. And that's just flat-out unacceptable.