Place room temperature butter, cream cheese, and vanilla into stand mixer and blend for 1-2 minutes on medium until fully incorporated. (Can also use a hand-held mixer)
Add powder sugar, one cup at a time, until frosting is light and creamy.
FOR PIPING: You will want to get all the wet ingredients combined before adding the sugar. The trick is to not OVERBEAT the cream cheese. The more you mix the creamier it gets and the harder it is to pipe. I add my sugar 1 cup at a time so that I can gauge the consistency as I go.
FOR FROSTING CAKES: When covering a cake with this cream cheese frosting you can beat for 5-7 minutes. You can also add in all of the sugar at once. This results in the creamiest cream cheese frosting you will ever have. Almost elastic!