Grease and lightly flour a tube pan or Bundt pan; set aside. Do not preheat oven.
In a large bowl, use the paddle attachment on an electric stand mixer to cream together the butter and sugar on medium-high speed until light and fluffy, about 3-4 minutes. Add the cream cheese; beat until smooth, about 30 seconds. With the mixer on low speed, add the eggs, one at a time, mixing well after each addition. Scrape the sides and bottom of the bowl periodically.
Gradually add the flour, mixing on low speed after each addition, and scraping the bowl as needed. Mix just until combined, about 1 minute total.
Add the salt, vanilla extract, lemon zest, and lemon juice; beat until smooth.
Transfer the batter to the prepared pan. Tap it a couple of times on the counter to release any big air bubbles.
Place the pan on a rack in the lower third of the cold oven. Shut the oven, and turn the temperature to 300°F. Bake the cake until a wooden toothpick or cake tester inserted into the center of the cake comes out clean, about 1 hour and 50 minutes – 2 hours.
Let the cake cool in the pan for 10 minutes, then invert on a serving plate or wire rack to cool completely.
Dust cake with powdered sugar, or drizzle with lemon glaze.