Preheat your oven to 350°F (175°C). Line a 12-cup muffin tin with cupcake liners and set aside.
In a medium bowl, whisk together the all-purpose flour, baking powder, baking soda, salt, ground nutmeg, and ground cinnamon.
Using a stand mixer or hand mixer, beat the softened unsalted butter and granulated sugar on medium speed until light, fluffy, and pale in color, about 3-4 minutes.
Beat in the eggs one at a time, fully incorporating each before adding the next. Stir in the vanilla extract.
With the mixer on low speed, add the dry ingredients in three parts, alternating with buttermilk and cream soda, beginning and ending with the dry ingredients. Mix until just combined.
Divide the batter evenly among the cupcake liners, filling each about two-thirds full. Bake for 18-22 minutes, or until a toothpick inserted into the center comes out clean.
Remove cupcakes from the oven and cool in the pan for 5 minutes. Transfer to a cooling rack and cool completely before frosting.
Frost each cupcake generously with buttercream frosting. Drizzle caramel sauce over the top of each cupcake.