This video from CNN money gives a succinct explanation of the Net Neutrality issue. 

It begins with a metaphor: Internet is currently provided like a highway “vehicles, or content providers, can’t pay more to use a special fast lane.” Under current FCC rules, the internet is treated like a public utility. The video then outlines the issue if those net neutrality rules were to go away: “if Net Neutrality ends, some companies are going to be stuck in the slow lane and customers might stop using sites that never seem to load.”

The video then covers both sides of the Net Neutrality argument: the current FCC administration or telecom companies argue that government regulation stifles innovation, while tech companies and consumer advocacy groups argue that freedom is the paramount issue and that getting rid of net neutrality would allows internet providers too much control over internet use.