This study investigates a new technique known as "orthogonal frequency division multiplexing with subcarrier power modulation" (OFDM-SPM) when compounded with a "multiple-input multiple-output" (MIMO) system. This combination of the two wireless technologies offers additional benefits and characteristics, such as increased spectrum efficiency (SE), increased energy efficiency (EE), and decreased transmission latency, among others. However, as compared to a traditional MIMO-OFDM system, the system's bit error rate (BER) show degradation. In this paper, turbo code is proposed as a coding technique to enhance the system performance with three-power reallocation policies (PRPs). The simulation results show that the BER and throughput performance has gotten better, where the throughput is doubled and the BER achieves about 10 dB gain by utilizing the proposed methods and compare to the classical MIMO OFDM, which makes the system more suitable for use in future wireless systems.