1. Preheat the oven to 350°F (175°C). Grease and line two 9-inch round cake pans.

2. Whisk together the flour, baking powder, and salt in a medium bowl.

3. In a large bowl, beat the butter and sugar until light and fluffy, about 4 to 5 minutes.

4. Add the eggs one at a time, beating well after each addition, then mix in the vanilla extract.

5. Alternate adding the flour mixture and milk, beginning and ending with the flour mixture. Mix until just combined.

6. Divide the batter evenly between the prepared pans and bake for 30 to 35 minutes, or until a toothpick inserted into the center comes out clean. Cool completely.

7. For the frosting, beat together the cream cheese and butter until smooth. Gradually add the powdered sugar and vanilla, beating until fluffy.

8. For the caramel sauce, melt the sugar in a saucepan over medium heat until amber in color. Stir in the butter, then slowly whisk in the heavy cream, salt, and vanilla until smooth. Cool slightly.

9. Place one cake layer on a serving plate, spread with cream cheese frosting, sprinkle with toasted pecans, and drizzle with caramel sauce.

10. Top with the second cake layer, frost the top and sides, then drizzle generously with more caramel sauce and garnish with toasted pecans before serving.