Preheat the oven to 350°F (175°C). Grease and flour a loaf pan.

In a large bowl, mix together the granulated sugar, brown sugar, and vegetable oil until well combined.

Add the eggs one at a time, beating well after each addition.

In another bowl, whisk together the flour, baking powder, baking soda, cinnamon, nutmeg, and salt.

Gradually add the dry ingredients to the wet ingredients, mixing until just combined.

Fold in the grated carrots, crushed pineapple, and walnuts (if using).

Pour the batter into the prepared loaf pan and bake for 60-70 minutes, or until a toothpick inserted in the center comes out clean.

Let cool in the pan for 10 minutes, then transfer to a wire rack to cool completely.

For the cream cheese glaze, beat the softened cream cheese with powdered sugar, vanilla extract, and enough milk to achieve a smooth consistency.

Drizzle the glaze over the cooled cake before serving.