Preheat the oven to 350 degrees and line 24 cupcake tins with cupcake liners.
Combine flour, baking powder, baking soda, and salt in a large bowl.
In another bowl, beat eggs and sugar until light and fluffy.
Add butter, vanilla bean paste, and peppermint extract to the egg mixture and mix until combined.
Add milk and mix again.
Stir in the flour mixture by hand.
Fill cupcake liners ½ to ¾ full with batter.
Bake for 18-20 minutes or until a toothpick comes out clean.
Frosting:
Whip softened butter until smooth and fluffy.
Gradually add powdered sugar on low speed until smooth.
Add peppermint and vanilla extracts and mix.
Add 4 tablespoons milk; add more if needed for consistency.
Divide frosting into three parts: leave 1/5 white in a piping bag with a star tip.
Color one portion neon green and place in piping bag with round or no tip.
Color the other portion red and place in a piping bag with round or no tip.
Once cupcakes are cooled, pipe two layers of green frosting on each cupcake.
Pipe two smaller red layers in the center for the Santa hat top.
Pipe white star tip frosting to create hat lining and top.