Whether you pay taxes depends on how you invest it. For the best tax benefits, you should make investments in tax-deferred or tax-exempt account, like an IRA. If you have income, you can open an IRA.
The minimum investment for the Vanguard 500 Index Adm is $250,000, so you probably won't be starting with that.
The minimum investment on the other fund is $3,000, and it is usually even lower for IRA investments.