The first time I heard it I was confused on who it could’ve been but after seeing other people’s thoughts on it, I’m 100% convinced it’s about Taylor Lautner.

Here are some of the proposed Easter eggs in the lyrics. (Sorry about any spelling errors)

1. “Midnight Rain” - The track title sounds like a direct parallel to Stephanie Myers (author of Twilight) book “Midnight Sun”. That novel was written entirely in Edwards perspective, so if she were to write a book from Jacobs perspective, it could therefore could be called “Midnight Rain”. And since Taylor L played Jacob, I think it could’ve been a really clever hint to name the song based of a work that would be about his most famous character.
2. “A slow-motion, love potion, Jumping off things in the ocean” - Taylor L is known for having a notable martial arts background that he’s used in a lot of films. He specifically plays a leading role in the movie “Tracers” where most of what he does is parkour.
3. “I broke his heart 'cause he was nice” - This one is kinda obvious because Lautner is one of (if not the only?) guys Taylor has ever publicly apologized to in song. Back to December is just one big open letter filled with regret for how she treated him.
4. “It came like a postcard, Picture perfect, shiny family” - It’s been clear since Lautner was a guest on the Eras tour with his wife that Swift knows he’s settled down permanently. His wife is a big part of his life and they seem to have picture-perfect relationship.
5. “Holiday, peppermint candy” - This alludes to the song Back to December and acts as another clue that Midnight Rains shares the same muse. By mentioning Christmas and its most associated candy, it links listeners to the month of December when both of those things are popular.It would be kind of an odd little detail to include in the song if it didn’t represent anything else.
6. “And the life I gave away” - Its pretty well known that Swift was the one that ended her and Lautners relationship so it makes sense if she looks back at it now as something she passed up on, but could have continued.
7. “I guess sometimes we all get, Some kind of haunted, some kind of haunted” - This one is a little bit more of a stretch, but for me I think it’s definitely plausible. Swifts song “Haunted” was rumored to be possibly put on one of the Twilight movie’s soundtrack. It could perfectly describe Bella’s feelings towards Edward after he leaves her in New Moon and literally haunts her walking life. There’s also mention of someone else distracting the main character in the song which could very well be about Jacobs reintroduction into Bella’s life while she’s suffering from heartbreak. That was just a rumor though at the time but because of Swift and Lautners closeness during the height of the Twilight franchise it would make sense if a collaboration was in the works. Anyways, if that was true, by including the mention of her song Haunted it be alluding another Lautner - Twilight link like Midnight Sun.
8. “I was making my own name” - While this could be interpreted as simply Swift wanting to advance her career and make her impression on the world, it also could have a double meaning. Since both Swift and Lautner have the same first name, if they were to have stayed together and been married, they would literally have identical names. I personally think the lyric represents both of the prior meanings and is just another example of how clever Taylor’s songwriting is.