To quote a friend of mine who's the moderator of another finishing forum, where this topic comes up regularly (slight edits to generalize the response):

"...the idea that paint needs a coat of [something] for protection and to prevent chipping, while commonly held, is the stuff of myth. Oil-based paint is basically nothing but oil-based varnish with pigment added. Water-borne acrylic paint, similarly, is simply water-borne acrylic finish with pigment added. Both facts beg the question; if oil-based or water-borne paint need a topcoat to improve "durability" and to "protect" the paint from chipping, then what sort of protective coat should we apply to varnish or water-borne finishes to which no pigment has been added? ArenÂt these clear coats just as susceptible to chipping since the only difference is that they contain no pigment?

LetÂs look at the question from a somewhat different angle. When you paint your home, whether with oil-based paint or with a water-borne acrylic house paint, what "clear coat" did you have the painters apply for "protection" and "durability"? IsnÂt the exterior paint on a home subject to more hazards than [furniture]? Further, if the [item] takes a hard enough blow to chip the paint wonÂt the same impact be sufficient to chip the "protective" topcoat?

Finally, letÂs consider the issue of repair (the finish on the [item] probably will be damaged over time, however it is applied). Which approach will be easier to repair? Will it be easier to touch-up paint that you have covered with some other finish; or, will it be easier to spot finish paint that is on the surface?"

This is not to detract from what bobsmyuncle said (I basically agree), but just to add a comment:

The usual complaint about latex paint, at least on horizontal surfaces, like tables and shelves, isn't chipping, but, rather, softness. Books sticking to shelves is a common complaint.

The standard answer is to use oil based paint in these situations.

This is called "blocking." I had to repair a set of modular bookcases earlier this year that someone had painted with latex paint. In the matter of a few weeks, they had stuck themselves together. I had to literally pry them apart with a pry bar and it pulled veneer off the face of mating surfaces. Latex paint has a lot in common, chemically with woodworking glue.

Latex paint is fine for walls. For furniture use tinted lacquer or oil-based paint.