Preheat the oven to 325 degrees.
Grease and flour a 10-inch bundt pan.
Using a stand mixer or hand mixer, cream 2 cups of sugar and 1 cup of butter together until completely combined.
Add the buttermilk, vanilla, and eggs and continue to mix for about 30 seconds.
Add the flour, salt, baking powder, baking soda and beat for 3 minutes.
Pour the cake batter into the prepared cake pan.
Bake for 55-65 minutes or until a toothpick inserted in the center comes out clean.
While the cake is baking, begin making the butter sauce.
In a small saucepan, combine the remaining ¾ cup of sugar, ⅓ cup of butter, 2 teaspoons of vanilla, and 3 tablespoons of water.
Cook over medium heat for 2-3 minutes until fully melted. Do not allow it to boil.
Once the cake is baked, use a long-tined fork or wooden skewer to poke holes in the cake.
Drizzle the sauce over the cake and allow it to be absorbed into the cake.
Let the it completely cool in the pan.
Transfer it to a serving platter and sprinkle with powdered sugar before slicing.