Preheat the oven to 350 F and position the rack in the lower third of the oven. Butter three 8" round cake pans and line each with parchment paper.
Sift the flour, cinnamon, salt, baking soda and baking powder through a fine-mesh sieve placed over a medium bowl. Set aside.
In the bowl of mixer fitted with a flat paddle attachment, combine the oil, eggs, granulated sugar, brown sugar and vanilla at medium speed until it thickens and the color lightens slightly, about 5 minutes. Add the flour mixture and mix on low speed just until the flour is incorporated, about 1 minute. Using a rubber spatula, add the carrots, pecans, coconut and raisins and mix by hand until evenly distributed.
Divide the batter evenly between the 3 pans and smooth the tops with a spatula. Bake until each cake is evenly browned and a toothpick inserted into the center comes out clean, 25 to 30 minutes. Transfer the cakes to a wire rack and let cool in the pans for 15 minutes. Release the cakes from the pans, transfer to cooling racks and let cool completely, about 2 hours.
To make the frosting:In the bowl of a stand mixer fitted with a paddle attachment, beat the cream cheese, butter and vanilla extract at medium speed until smooth and creamy, about 3 minutes. Reduce the speed to low, add the confectioners' sugar and beat until smooth.
Using an offset spatula, spread 1 cup of the icing onto one of the cake layers. Place a second cake layer on top of the first and spread 1 cup of icing on top. Repeat with the third cake layer and 1 cup of icing. Use the remaining icing to spread evenly over the sides of the cake.