There are some frightening similarities between what the corporations are attempting to do and what is already going on in China link.
People who use the internet in China are prevented from accessing the websites of foreign news services, and to start a pro-democracy blog can land you in prison. The thing is that the big internet corporations such as Google and Microsoft are the ones who are cheerfully carrying out the censorship for the Chinese government.
This proposal does not only affect Americans as USA based websites make up a significant portion of the internet. Europeans would experience poor or blocked access to American websites because the site owner cannot afford to become one of the premium customers of his ISP.
The American corporations aere spending millions of dollars to force this proposal through because they know it will be very profitable for them. This means that it will not e long before we see the same thing happening elsewhere.