Heat oven to 350 degrees F. Place cupcake liners in 24 indents of muffin pans; set aside.
In large bowl, stir together butter, sugars and eggs until well blended. Stir in flour, salt, cinnamon, nutmeg, baking powder, baking soda, carrots and raisins.
Spoon 1/4 cup batter into each cupcake liner. Bake at 350 degrees F for 25 to 27 minutes or until toothpick inserted in center comes out clean. Cool cupcakes in pan on rack for 5 minutes, then remove and cool completely on rack.
In a large bowl, beat butter and confectioners' sugar together on medium-high until blended. Add cream cheese and vanilla and beat on medium-high until no lumps remain. Divide frosting among cupcakes.