In a large mixing bowl, combine the cake ingredients. Beat on low speed for 30 seconds; beat on medium for 4 minutes. Pour into a greased and floured 10-in. fluted tube pan. Bake at 350 degrees F for 50-55 minutes or until a wooden pick inserted near the center comes out clean. Cool in pan for 15 minutes before removing to a wire rack to cool completely.
For the glaze: In a small saucepan, melt butter over medium heat. Continue to cook, stirring constantly, until the butter releases a nutty aroma and just starts to turn golden, about 4 to 6 minutes. Remove and let cool.
In a small bowl, use an electric mixer to combine browned butter, confectioner’s sugar, cream cheese and vanilla. Add milk until a pourable consistency is reached.