Income equality refers to a situation where individuals in a society earn similar amounts of money, reducing the gap between the highest and lowest earners. This concept is often discussed in relation to economic fairness and social justice, as large income disparities can lead to various social issues, including poverty and limited access to education and healthcare. Achieving income equality can involve policies such as progressive taxation, where higher earners pay a larger percentage of their income in taxes, and increased minimum wage laws. Advocates argue that reducing income inequality can lead to a more stable economy and improved quality of life for all citizens, fostering a sense of community and shared prosperity.