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Net Neutrality is a key to having an open Internet. Without it, telecom companies have the power to decide who is and isn't allowed to have a business online. (Hint: if you compete with them, the answer is "no." Hint #2: if your business is successful, expect them to ask you for a "tax" for the answer to be yes. Hint #3: expect that tax to be a significant percentage of your income.) They also get the power to do far more sinister things -- like read and modify the web pages you see in order to insert anything from tracking to ads, or even hijack your traffic outright.
Net Neutrality isn't "Obamacare for the Internet," as Senator Cruz seems to think. It's making sure that a handful of the most unpleasant bastards in the country don't have veto power over your ability to start a business or take your business to whomever you please.
Fortunately, has a great explanation of what Net Neutrality actually means.
It's really about crab tacos.
(Incidentally, I was very glad to hear Obama's statement about it earlier today. "Reclassification" is a technical term, but it basically means that cable companies have to treat everyone's traffic the same, and aren't allowed to boost their friends and harm their enemies. It's the regulatory banhammer that the cable companies were being threatened with if they didn't actually regulate their own behavior the way they said they would -- which, in the Netflix incident, they decidedly didn't.)