Heat oven to 350°F. Grease and flour 12-cup fluted tube cake pan or 10-inch tube pan. In large bowl, combine sugar and margarine; beat until light and fluffy. Add eggs 1 at a time, beating well after each addition. Gradually add 2 cups powdered sugar; blend well. By hand, stir in flour and remaining cake ingredients until well blended. Spoon batter into greased and floured pan; spread evenly.
Bake at 350°F. for 45 to 50 minutes or until top is set and edges are beginning to pull away from sides of pan.** Cool upright in pan on wire rack 1 1/2 hours. Invert onto serving plate; cool at least 2 hours.
In small bowl, combine all glaze ingredients, adding enough milk for desired drizzling consistency. Spoon over top of cake, allowing some to run down sides. Store tightly covered.