I know normally you would ask for a crash report but it is not a bug in my opinion just the version of the game.
I downloaded the new version of Minecraft 1.8 and now when i play with render distance 8 i get a fps of 45 between 58, 59 where before 1.7.10 and lower i would get about 120fps and this is fancy, clouds on all sorts,
Operating System: Windows 8.1
Processor: AMD A8-5500 APU with Radeon(tm) HD Graphics.
Graphics Card: Nvidia GT 600
RAM: 4GB (Set minecraft to take 3GB)
Java Version: Java 5 Update 65 both 32 bit and 64 bit and Minecraft has also been set to use 64 bit version since my computer is 64 bit
It's not just you my friend, can confirm I'm having similar issues. Found an old report starting back in version 1.4.2 Check out MC-858 and MC-45458. This report will probably get absorbed into that one by the mods.