There are 10 colors and taunts for each fighter (11 or 12 if you have an original SSF4 save file). The fastest way to get this is to start a match with the CPU and once the match begins, pause the game and choose "Character Change." Once you're back at the Character Select screen, you should have unlocked either a taunt or a color (it changes between the two). Repeat this for the character and move to the next. With about 30+ characters for the base game, this can take some time to complete so you may want to have a movie/series on in the background.
Here's a video to better show how it's done.