“All power to the Soviets” was a Russian revolutionary slogan. A soviet (совет) means “council” and also “advice.” So, the revolutionaries wanted “power” to go to workers councils, such as those running the factories newly expropriated from entrepreneurs.
This was, of course, unworkable nonsense, and all power went instead to the dictator and party chiefs who alone approved the “central plan” which every factory had to obey. The “councils” disappeared posthaste.
But if we interpret “soviets” as city councils, the slogan sounds like a libertarian clarion call for radical decentralization. Destroy, in the US, both the federal and state governments, and vest all remaining political power in local governments.