Stripping tags from the input does not prevent SQL injection, however it does corrupt potentially valid input by removing tags that you might have wanted.
The solution in every case is to use the appropriate escaping function, at the time that you do the query.
Parameterised queries are even better.
There is no magic bullet, you can't iterate $_POST or anything, because you won't know at that point what is going to be done with stuff.
This is what magic_quotes_gpc does, and it incorrectly escapes things that don't need escaping, resulting in massive annoying data corruption.
Mark