A couple of things about taunting with Hugo.
It has 2 types of taunt, the unheld gives an attack increase of about 18.8% for the next hit/combo. Also increases defense by about 6,3% that lasts the whole round. The defense increase can be done 4 times in a round, so he gains 25% more defense.
The held taunt (holding HP and HK) gives an attack increase of about 25% for the next hit/combo/throw
If you press Start during any of the taunts, Poison will appear and you will gain NO BONUS for the taunt you just done.