A fully correct solution would be a full-fledged HTML parser. See this legendary question for a full discussion.
A simple 80% solution would be to look for all known tags and strip them.
RegExp('</?(a|b|blockquote|cite|dd|dl|dt|...|u)\b.*?>')
The code would be more readable if you use an array of tags and build expressions as you loop through them. It will not handle comments nicely, so if you need more than hack quality, don't do it with a hack approach. If you need correctness, use an actual HTML parser (e.g. DOMDocument in PHP).