Preheat oven to 325℉ and bring butter, eggs and milk to room temp.
Grease and flour a 12-cup bundt pan REALLY well.
Whisk flour, baking powder and salt in a bowl. Set aside.
Beat butter and cream cheese until smooth in mixer (scrape bowl twice).
Add sugar and beat 3-4 mins on medium speed.
Add eggs one at a time on low-medium speed.
Mix in vanilla for 1 min.
Add half flour mixture, then half milk, then repeat with remaining.
Pour into pan and bake 75-90 mins until toothpick comes out clean.
Cool in pan 30 mins before flipping onto rack.
Before serving dust with powdered sugar.