Smokey,
You need to get control of this behavior immediately. It is an agression that could lead to possibly getting biten some day.

My suggestion would be to teach the dog that good things come from your hands. And they keep on coming if I don't run away! How to accomplish this is very simple but a little time consuming. I assume your dog is getting fed twice a day. Take the amount of food that you normally feed for breakfast and put it in a pouch. Carry the pouch with you throughout the morning. Have the dog learn to take the food gently from your hand for doing a desired behavior. Have the dog sit, give a verbal praise such as the word YES and then reward immediately a piece of kibble from the pouch. Repeat this several times with other commands the dog may know until all the kibble is gone. Repeat this with the night time amount of kibble. After a couple of weeks the dog should be taking the kibble from your hand very gently. Never feed from a bowl during this time unless you absolutely have too.

After the dog has the hang of it then introduce a toy of some sort. Use the words TAKE and RELEASE. When you say TAKE and the dog does then give a treat immediately. After the dog consistently understand this then use a different kind of treat or bone or whatever object you first had problems with. Reward with lots of treats that are better than what you give the dog to invoke the behavior. If it's a bone, then give some meat. If it's a chew toy, then give some kibble.

I think you get the hang of what I'm trying to say. There are just two critical parts to remember to this. They are:

1. The timing of the reward is critical! It must be done the second the desired result is obtained. Be consistent with the behavior.

2. GO SLOW! Break down your behavior's into small increments and build off of the learned response. If the dog gets confused back up to the last step that was being done successfully. If the dog looks at you like "I have no clue what you want from me" then you need to go back and break the learning process into smaller increments.

You are doing two things with this. 1. You are establishing that you are alpha over the dog and 2. Good things come from you.

If you don't do obedience then I strongly suggest you find a class and enroll. This also helps to build a bond of trust and authority in your relationship with your dog.

If you have any questions about this please let me know and I will try to help answer them the best that I can.