Limousine liberals are multi-millionaires, often driven around in limousines, who pretend to be compassionate about the poor despite living a life of luxury themselves. Often their own daily routine provides little benefit to the poor, and many of the policies they advocate tend to make it difficult for others to become wealthy like themselves.
A typical policy supported by limousine liberals is to increase tax burdens on the American family. They bemoan that they don't pay enough taxes so they can make the point that everyone should pay more. They shed tears for public school funding but send their kids to private schools. An important fact in understanding limousine liberals can be summed up in the saying "Do as I say, not as I do."
The term was coined in 1969.