Preheat oven to 350°.
In a large mixing bowl, mix flour, baking powder, baking soda, salt and nutmeg. Set aside.
Add butter and sugar to a large mixing bowl and beat with an electric mixer about 3 minutes or until light and fluffy.
Add eggs one at a time, mixing until incorporated. Mix in vanilla extract.
Add 1/4 of the flour mixture to the batter and beat at medium speed until mixed in. Alternate adding buttermilk and flour mixture. Mixing until well combined.
Butter and flour a 12 cup bundt pan or use baking spray with flour to coat the pan.
Spoon batter into prepared pan and smooth the top.
Bake for 45- 50 minutes or until a toothpick inserted into the center of the cake comes out clean.
Remove from oven.
Use a sharp knife to loosen the edges of the cake. Invert onto a wire rack and then flip the cake with the flat side up.
Cool for one hour.
Whisk together the powdered sugar and milk.
Place the cake onto a cake plate or serving platter.
Drizzle with glaze.
Slice and serve.