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Preheat oven to 325 degrees F (165 degrees C). Grease and flour one 10 inch bundt pan.
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Cream together the white sugar and 1 cup of the butter.
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Add the eggs one at time, beating mixture well after each.
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Mix the baking soda with the buttermilk. Add to butter mixture and beat.
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Sift flour three times before measuring. Add sifted flour and 1/4 teaspoon salt to the butter mixture.
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Stir in the 2 teaspoons vanilla. Pour batter into prepared pan.
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Bake at 325 degrees F (165 degrees C) for one hour. Let cake cool and top with Caramel Icing.
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To Make Caramel Icing:
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In a saucepan over medium heat cook the brown sugar, remaining 1/2 cup butter, and the evaporated milk.
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Stirring frequently bring mixture to a boil and let boil for 3 minutes. Remove from heat and stir in the 1 teaspoon vanilla, beat until thick.
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Pour over top of cooled bundt cake.