Preheat oven to 350°F (180°C). Prepare a muffin tin with paper liners.
In a bowl, whisk together the flour, baking powder, and salt until evenly combined.
In another bowl, cream together the butter and sugar until light and fluffy.
Add the eggs one at a time to the butter mixture, mixing well after each addition. Stir in the vanilla extract.
Alternately add the dry ingredients and milk to the batter, mixing continuously until just combined. Do not overmix.
Divide the batter into six equal portions. Tint each portion with a different food coloring (red, orange, yellow, green, blue, purple).
Spoon the colored batters one layer at a time into the muffin liners, creating a rainbow effect.
Bake the cupcakes for 18-20 minutes, or until golden brown. Insert a toothpick into the center to check for doneness; it should come out clean.
While the cupcakes are baking, prepare the frosting: in a bowl, beat together the cream cheese, powdered sugar, and heavy cream until light and fluffy.
Let the cupcakes cool completely. Frost with the cream cheese frosting and sprinkle with colorful sprinkles.
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