Preheat the oven to 350°F (175°C). Grease and flour two 9-inch round cake pans.
In a medium bowl, whisk together the all-purpose flour, baking powder, and salt. Set aside.
In a large bowl, using an electric mixer, beat the softened butter and granulated sugar together on medium speed until light and fluffy, about 3 to 4 minutes.
Add the eggs one at a time, beating well after each addition. Mix in the vanilla extract.
With the mixer on low speed, alternately add the dry ingredients and the whole milk to the butter mixture, beginning and ending with the dry ingredients. Mix until just combined; do not overmix.
Divide the batter evenly between the prepared cake pans and smooth the tops with a spatula.
Bake in the preheated oven for 28 to 32 minutes, or until a toothpick inserted into the center comes out clean.
Remove the cakes from the oven and allow them to cool in the pans for 10 minutes. Then, turn the cakes out onto wire racks to cool completely.
To prepare the cream cheese frosting, beat the softened cream cheese and softened butter together in a large bowl until smooth and creamy, about 2 to 3 minutes.
Gradually add the powdered sugar, one cup at a time, beating on low speed until incorporated. Add the vanilla extract and heavy cream, then beat on high speed for 2 to 3 minutes until the frosting is light and fluffy.
Once the cakes are completely cool, place one cake layer on a serving plate. Spread a generous amount of cream cheese frosting evenly over the top.
Place the second cake layer on top and frost the top and sides of the cake with the remaining cream cheese frosting.
Refrigerate the cake for at least 30 minutes before serving to allow the frosting to set.