Common meaning:

Politically far right system of government that focuses on nationalism and race.

Hidden meaning of the Equity religion: 

Any group that opposes Equity beliefs or supports the ideals of Western Liberalism.

Discussion:

The Equityists think that anyone who opposes Equity beliefs or supports the ideals of liberalism is a fascist.

In the nineteenth century, the religion of Rousseau split into two streams: one on the political right and the other on the political left. These eventually coalesced into the fascist and communist movements. The politically right leaning fascists focused on oppression based on race, while the left leaning communists focused on oppression based on class.

The Second World War dealt a death blow to the fascist variant of the Rousseau religion, but also caused fear among the believers in the communist variant regarding how close they came to losing to the fascist one. This experience caused them to believe that, above all, fascists were the enemy and the worst insult you could call someone was a fascist or a nazi. 

The modern virus of Equity has significant elements of the left variant of the religion, and this is why today, if you are not an Equity believer, you will be quickly called an alt-right fascist.