Preheat your oven to 350°F (175°C) and grease two 9-inch round cake pans.
In a large bowl, combine the flour, baking powder, baking soda, spices, and salt.
In another bowl, beat together the sugar, oil, and eggs until well combined.
Add the pumpkin puree and vanilla extract to the egg mixture and mix well.
Gradually add the dry ingredients to the wet ingredients, stirring until just combined.
Divide the batter evenly between the prepared cake pans.
Bake for 25-30 minutes or until a toothpick comes out clean.
Allow the cakes to cool in the pans for 10 minutes, then transfer to a wire rack to cool completely.
While the cakes cool, prepare the frosting by beating the cream cheese and powdered sugar together until smooth.
Add the caramel sauce and vanilla to the cream cheese mixture and beat until fluffy.
Once the cakes are completely cool, place one layer on your serving plate and spread a generous layer of frosting on top.
Top with the second cake layer and frost the top and sides.
Drizzle additional caramel sauce over the top for garnish, if desired.