Preheat oven to 325°F (165°C). Grease and flour a bundt pan or 10-inch tube pan.

1. In a large bowl, beat butter and cream cheese until smooth and creamy.
2. Add granulated and brown sugars. Beat until light and fluffy, about 3–5 minutes.
3. Beat in eggs one at a time, mixing well after each addition. Stir in vanilla extract.
4. In a separate bowl, whisk together flour, baking powder, and salt.
5. Gradually add dry ingredients to the wet mixture, mixing until just combined.
6. Pour batter into the prepared pan and smooth the top.
7. Bake for 70–80 minutes, or until a toothpick inserted in the center comes out clean.
8. Let cake cool in the pan for 15–20 minutes, then carefully invert onto a wire rack to cool completely.
9. Warm the caramel sauce slightly and mix with cream if desired for a pourable glaze. Drizzle over cooled cake.