Allow butter, cream cheese, and eggs to stand at room temperature for 30 minutes. Meanwhile, grease and lightly flour 10-inch fluted bundt or tube pan; set aside. Combine flour, baking powder, and salt. Set aside. Preheat oven to 325 degrees F.
In large mixing bowl beat butter and cream cheese with an electric mixer on medium to high speed about 30 seconds or until softened. Gradually add sugar, 2 tablespoons at a time, beating on medium speed about 5 minutes or until very light and fluffy. Add almond extract. Add eggs, 1 at a time, beating on low to medium speed for 1 minute after each addition and scraping bowl frequently. Gradually add flour mixture, beating on low speed just until combined. Spoon batter into prepared pan.
Bake about 75 minutes or until a wooden toothpick inserted near center of cake comes out clean. Cool in pan on wire rack 15 minutes. Remove from pan. Cool thoroughly on wire rack about 2 hours. Top cake with glaze. Let stand 30 minutes to allow glaze to set. Makes 16 servings.
In small mixing bowl beat together the powdered sugar, cream cheese, almond extract, and milk to make of glazing consistency.