Zuki,
Everyone on the planet has dealt with a boss they didn't like at one time or another--it's a part of life. The rule of thumb is not to burn any bridges. Before considering to tell him or her to "Take this job and shove it" I would strongly suggest you have something lined up to keep the money flowing in your direction--especially if you have a family to support.
Over the past half century, I've been fortunate and only had to deal with a couple of butt-heads that only had one goal in life, which was to make my life misserable. When I decided to walk away, however, I did so in a manner that made it seem to be in my best interest, even when it wasn't the case. The main thing I always did was to submit a resignation saying that it was a pleasure to work with that person (even though he was a butt-heat), I regretted have to leave, but the place where I was headed would provide me with lots more opportunities for advancement.
Jumping ship is not the way to go unless you're independently wealthy. Keep in mind that when you work for yourself, which I have done for nearly 35 years, means: no employee funded health insurance plan, no bonus, no raises, long hours, low hourly wages, no vacations, lots of expenses and no sick leave. No one gives a damned if you just had a heart transplant or major portions of your anatomy removed, especially if it conflicts with their Christmas party, wedding reception, dance, etc.. Even if you have to arrive on a stretcher, you must continue to work. Even the mail carriers have it better--they only have to contend with bad weather. If they get sick, they're covered by someone else--you're not. Miss one week of a regular nite-club gig and you're instantly unemployed.
Think seriously about this before making a decission. Those of us who have been self employed for a number of years will flat out tell you that retirement means you must first be dead for at least three days--and even then, rigor-mortis must be setting in before retirement begins.
Good Luck,
Gary