How to set taxonomy terms from multiple taxonomy fields

Thanks!
Before I do that I want to make sure, is there no way to create a clonable group with a regular taxonomy field (that saves to terms), and grab all the terms and save them when the post is saved?
e.g.
|-Clonable Group
|--Text Field
|--Taxonomy(color) (only allow one taxonomy to be selected) value=red
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|--Text Field
|--Taxonomy(color) (only allow one taxonomy to be selected) value=blue
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When the post is saved, I want the values "red" and "blue" to be saved to the taxonomy "color".
Is this possible?