Is there a way to send a newsletter to those users who share a taxonomy term in there profile I need to be able to collect newsletters for a specific type of content. This content will have tags that the user will also check on when the sign up or edit their account information. I then need to send this newsletter to all those associated with that taxonomy list.
It sounds like you want something that simplenews doesnt do right out of the box. You can create newsletters (and a block for subscription links) -- but it doesnt appear to based off of Taxonomy terms directly.

Simplenews supports Rules, you could maybe define rules that achieve your goal.

I have not used simplenews, but I have a website for student surveys which has various email templates that remind students if they have additional surveys to complete, all running off of cron tasks -- you could code this type of newsletter functionality by hand without many helper modules if need be.

Sometimes manipulating a contributed module to suite your needs is harder than just doing it yourself for your project.