As far as I am aware, they are not planning on banning the internet, but instead are planning on reducing the regulation. They are planning on allowing internet service providers to charge website owners for allowing the provider's subscribers to access the website owner's websites. So, for example, if Microsoft don't pay Verizon a fee, then Verizon could ban its subscribers from visiting Microsoft sites.
I think doing such a thing would be market suicide for an ISP though, since everyone would go and sign up with the unrestricted ones instead.