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1. Butter a large Bundt pan and preheat the oven to 325 degrees F.
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2. In a medium bowl, whisk flour, baking powder and 1/2 teaspoon of salt together to blend. Set aside.
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3. In a glass measuring cup, combine the buttermilk and 1 teaspoon of vanilla. Set aside.
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4. Using an electric mixer and a large bowl, beat 1 1/2 cups (3 sticks) of butter on high speed until fluffy. Add the dark brown sugar in three batches, combining well after each addition, then add the white sugar. Add the eggs, one by one, beating well after each addition.
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5. Reduce the speed to low and add half of the flour mixture and then half of the buttermilk mixture, beating until the flour or liquids have disappeared before adding the next item. Repeat with remaining flour and buttermilk.
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6. Spoon the batter into prepared pan and bake until the cake is nicely browned on the edges and a toothpick inserted into the center comes out clean, about an hour and 10 minutes.
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7. Remove the pan from the oven and leave on wire rack to cool for 10-20 minutes. Then turn cake out onto a rack or plate, and, while still a little warm, cover with caramel glaze.
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8. To make glaze, combine the 1 cup of light brown sugar and remaining 1/2 cup butter in a large saucepan over medium heat. Stir until the butter melts and blends with the brown sugar into a smooth sauce, 2 to 3 minutes. Add the evaporated milk and then let the icing come to a gentle boil. Stir well, remove from the heat, and add the powdered sugar, and the remaining 1 teaspoon of vanilla and 1/2 teaspoon of salt. Beat well with a mixer or spoon until the glaze is thick and smooth, 1 to 2 minutes. Spoon over still-warm cake at once.
