There are many myths and legends which concerns taffy and no one really knows who originally came up this that term. Some believe it came from Bradley's boardwalk whose store was damaged by storm tide water in 1883. This included his supply of taffy when the first customer came she asked for a bag of taffy. He was making humor about the taffy being soggy taffy, and he replied, "You mean salt water taffy." His mother overheard that remark and suggested that he name the candy by that name.
Taffy (including salt water taffy) is usually made of sugar, corn syrup, and flavoring oils. Usually, food-grade colorings are added, too, as well as a very small amount of salt--not enough to make the candy salty, just enough to round out flavor. If there were no salt, the candy would taste "flat". I generally add a bit of butter to taffy, and if you like chocolate, you'd add cocoa powder. And there's one other ingredient I almost forgot to mention: work! pulling taffy is a real workout!