Preheat your oven to 325°F (160°C). Grease and flour a loaf pan.
In a mixing bowl, beat together the butter and cream cheese until smooth. Add sugar and mix well. Then add eggs one at a time, mixing well after each addition.
In another bowl, combine the flour, baking powder, and salt. Gradually add this to the cream cheese mixture, alternating with the milk and vanilla extract, beginning and ending with the flour.
Pour the batter into the prepared loaf pan and smooth the top. Bake for 60 minutes or until a toothpick inserted comes out clean.
For the glaze, beat together the cream cheese, powdered sugar, milk, and vanilla extract until smooth. Drizzle over the cooled pound cake.
Notes
Let the cake cool completely before glazing. You can adjust the thickness of the glaze by adding more or less milk.