Preheat oven to 300°
Generously grease a 10 inch tube pan or Bundt pan with vegetable shortening and dust with flour.
In a stand mixer fitted with the paddle attachment, beat the butter and cream cheese on medium speed for 3-4 minutes until smooth and fluffy.
Gradually add the sugar, beating for 4-5 minutes until the mixture is very light and creamy.
Add the eggs one at a time, mixing well after each addition.
In a bowl, whisk together the flour and salt. Reduce mixer speed to low and add the flour mixture, mixing just until combined.
Stir in the vanilla and almond extract.
Pour the batter into the prepared pan and smooth the top.
Bake for 1 hour 40 minutes to 1 hour 50 minutes, or until a toothpick inserted in the center comes out clean.
Cool in the pan for 15 minutes, then remove and allow the cake to cool completely.