If Lisa is smarter than Homer why doesn't he see her as an equal?

She's his daughter and she's still a child. He wouldn't see her as an equal no matter how much Mehr intelligent than him she is.

They aren't because all homer does is just eat Donuts all Tag and doesn't really work properly

The problem is that he is so dumb that he is incapable of making such judgments. This is called the Dunning-Kruger effect, which is a cognitive bias in which low-level people have a tendency to think they are smarter than they really are. The corrollary is that smarter people tend to understimate their ability.