toughie, but honestly there's more growth and maturity from Katy's lyrics, especially since the TD era. Taylor doesn't even grow up in her music.
Taylor may have put out WANEGBT and 22 recently, but she also put out Treacherous, All Too Well, and State of Grace recently, and those lyrics show lots of growth.
Katy is a solid song writer, but she isn't nearly as strong nor talented as Taylor. I almost find Katy is much more simpler, less poetic - and writes a song that is easy to sing a long to more than a song you actually picture everything going on in your head.
Taylor is on a completely different level. Her poetic-ism, imagery and craft is truly extraordinary and Taylor is one of the best song writers our generation will ever know. When you listen to some of her songs like Haunted or Enchanted you can see the story in your head, feel her raw emotion and just feel so connected to her through the lyrics.