A system for creation of term taxonomies by mining web based user generated content according. The system includes a network interface enabling access to one or more data sources; a mining unit for collecting textual content from the one or more sources and generating phrases, the generated phrases include sentiment phrases and non-sentiment phrases; an analysis unit for generating at least associations between a non-sentiment phrase and a sentiment phrase based on the generated phrases, wherein an association between a non-sentiment phrase and at least one corresponding sentiment phrase is a taxonomy; and storing the taxonomies in a data warehouse storage connected to the network wherein responsive to a query the system provides a sentiment to a non-sentiment phrase provided in the query.