I'll answer my own question: From a Google Search - "Principles of Socialism
True socialists advocate a completely classless society, where the government controls all means of production and distribution of goods. Socialists believe this control is necessary to eliminate competition among the people and put everyone on a level playing field. Socialism is also characterized by the absence of private property. The idea is that if everyone works, everyone will reap the same benefits and prosper equally. Therefore, everyone receives equal earnings, medical care and other necessities.
Socialism is difficult to define because it has so many incarnations. One of the things socialists agree on is that capitalism causes oppression.