Taylor easily.
Her songwriting is better by miles and miles and miles. In that aspect they're not even comparable. Katy's best songs (lyrically) in Taylor's discography would be among her worst (lyrically).
Also Taylor, while being pretty weak vocalist is able to stay on key and sing decently live instead of shouting like a goat. So vocally she also wins, even though Katy's voice is more... loud.