No, to any sane, empathic, person, the meaning of equality is clear: you want similar outcomes for everybody. It sounds complicated only to the people who think that a flat tax is the only fair tax. Let's not indulge to their (often voluntarily) obtuseness. In 20 years, they will pretend that equity means something else and we will have to come up with another word to express the same old concept.
You know, it took me a while to understand how well balanced the french motto was: liberty, equality, fraternity. If you lack one of these, you will corrupt the two others. If you think about equality while also keeping fraternity in mind (as in, "what would I want for my loved ones?"), then it becomes obvious that we are not talking about crap like "equality of chances" but true equality.