Step 1: Preheat your oven to 325°F (160°C). Grease and flour a 10-12 cup Bundt pan thoroughly, ensuring all crevices are coated.
Step 2: In a large mixing bowl, using an electric mixer, cream together the softened butter and cream cheese on medium speed until the mixture is light and fluffy, approximately 3-5 minutes. Scrape down the sides of the bowl as needed.
Step 3: Gradually add the granulated sugar to the butter and cream cheese mixture, about 1/2 cup at a time, beating well after each addition. Continue to beat on medium-high speed for another 5-7 minutes until the mixture is very light, pale, and fluffy.
Step 4: Add the eggs one at a time, beating well after each addition until fully incorporated before adding the next. This prevents the batter from separating.
Step 5: Stir in the vanilla extract until combined.
Step 6: In a separate medium bowl, whisk together the sifted cake flour, baking powder, and salt.
Step 7: Gradually add the dry ingredients to the wet ingredients, mixing on low speed until just combined. Be careful not to overmix; stop as soon as no streaks of flour remain.
Step 8: Pour the batter evenly into the prepared Bundt pan. Smooth the top with a spatula.
Step 9: Bake for 1 hour and 15 minutes to 1 hour and 30 minutes, or until a wooden skewer or toothpick inserted into the center of the cake comes out clean. The cake should be golden brown.
Step 10: Remove the cake from the oven and let it cool in the Bundt pan on a wire rack for 10-15 minutes.
Step 11: Carefully invert the Million Dollar Cream Cheese Pound Cake onto the wire rack and allow it to cool completely before slicing and serving. If desired, dust with powdered sugar or drizzle with a simple glaze.