Even if it passes, while it'd eventually have serious consequences, they'd most likely do it in a slowly ramped up kind of way to avoid alerting the sideline majority anyway.
And in the worst-case scenario, ISPs can block you from visiting certain websites unless you pay more money (although no doubt there will be workarounds such as the Tor network)
Its essentially something put in place to stop ISPs from varying how much they charge customers depending on what they use the Internet for. At the moment the Internet is treated like a utilility (like water) where its charged based on how much you use, but not charged by what its used for. With the repealing of Net Neutrality ISPs will be able to charge you varying amounts depending on what its used for i.e. Streaming videos, music, banking, social media etc
Net neutrality is when internet providers CANNOT slow down certain websites, or make you pay more for certain websites. If net nutrality is disabled, they can do that. At least that's my understanding of the issue.
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Have a good one crates!