I like Tom Wetzel’s answer, but I understand that you are looking for a simplification. Unfortunately, I’m not sure if a complex idea like libertarian socialism can be easily reduced. However, I will give it a try….
Some elements common to many libertarian socialist proposals:
1. As little centralized State authority as possible - where power is distributed to the people as locally as possible (this is sometimes called “susidiarity”) through various methods of direct democracy, consensus democracy or citizens councils.
2. Greater democracy in the economy - for example, where workers own their own factories, bank customers own their banks, the community has a say in how local resources are used, etc.
3. Greater social equality and wealth distribution - where everyone in society has similar access to opportunities, productivity and civic participation.
4. Non-aggression - force is only used in self-defense.
5. There is less private property, and more common property shared by all - in some cases private property is completely eliminated.
6. Access to a basic level of income, infrastructure, and essential services (education, healthcare, etc.) is provided to everyone through voluntary agreement of all.
7. An emphasis on collectivism rather than individualism.
My 2 cents.
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