Photoshop can equalize text but the text has to be Rasterized. To rasterize the text, go to the layers panel and right-click on the text layer. A menu will pop up, and from the menu click Rasterize type. You can also rasterize the text by clicking on it and then going to the top menu bar. From the top menu bar select Type then click Rasterize type layer. When the text is rasterized you can then use the equalize effect, note that some colors and gradients will show no change when equalize is used on it.