If a head cold interferes with your sense of smell, how do you think your sense of taste would be affected

It likely would not be affected seeing as how the sense of taste is not affected by air. Unless you have your tongue hanging out of your mouth it won' affect your sense of taste. It affects your sense of smell because this sense is the dependent on air.

The combination of your taste buds and the smell of food is what makes your brain recognize a taste. When you have a cold, your nose gets clogged and you can't smell as well as you normally can, so in your head, foods don't taste the same because you're not getting the normal amount of "taste information" from your nose".