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Prep. Line a 9x13-inch baking dish with parchment paper or generously butter and set aside so it is ready. Fill a small glass with ice water.
Combine ingredients. In a large, stainless steel pot, whisk together 2 cups sugar, 2 cups Karo syrup, and ¼ teaspoon salt over medium-high heat until bubbling and the sugar has dissolved. In a very slow trickle, whisk in 2 cups cream, being careful not to stop boiling. Whisk in ½ cup butter.
Boil. Whisking constantly, keep the mixture at a boil 15 to 20 minutes, or until the temperature on a candy thermometer reads 240°F to 245°F (firm ball stage). To be certain the caramel is ready, drizzle 1 teaspoon into the ice water. Roll it between your fingers and if it forms a firm (yet pliable and little sticky) ball, it’s ready. If it’s still liquid, keep boiling and whisking.
Set overnight. Immediately remove from heat and whisk in 1 teaspoon vanilla. Then pour into the baking dish. Don't let it overcook or the caramels will be too hard. Let sit on the counter to cool and until set. Usually, I will make in the evening and let sit overnight.
Cut and wrap. Once set, use a buttered or plastic knife to cut into 12 vertical rows, Cut 4 caramels from each row. Cut wax paper into 3x6-inch squares and then wrap the caramel inside. Caramels will stay soft for 2 to 3 weeks.