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Preheat oven to 325F degrees. Spray a 10-cup bundt pan with nonstick baking spray. Note: I like to use Baker's Joy spray. It also has flour in it which is really the best for baked goods. Make sure to spray very well into the nooks and crannies.
In a large bowl cream together 2 cups sugar, 4 large eggs, 2 sticks unsalted butter (1 cup), softened to room temperature and 1 cup buttermilk with a mixer (can use a stand mixer or handheld electric mixer.)
Add 3 cups all-purpose flour, 1 teaspoon salt, 1 teaspoon baking powder, ½ teaspoon baking soda and 2 teaspoons rum and mix.
Pour batter into prepared bundt pan.
Bake in preheated oven (on the middle rack) for 55 to 60 minutes until done. A toothpick inserted should come out clean.
Let cool in the pan at least 30 minutes before removing. Try to put the cake on a serving plate that has slightly higher sides so it can hold all the buttered rum sauce when pouring later.
Combine ¾ cup sugar, ⅓ cup unsalted butter, 3 Tablespoons water and 2 teaspoons rum in a saucepan and cook over medium heat until fully melted and warm. Do not boil!
Pour very slowly onto the top of the cake. Cake will slowly soak up the sauce.