@Evan Iacone - There is a known issue/UX inconsistency to be fixed at a later date where, if you select the Text tool and click-and-drag (even just a pixel) before typing, there will be padding. 

However, if you click without moving and start type, then no padding.

To get rid of padding, switch the object type to shape and back to text.

Here is a post detailed the issue: https://community.miro.com/ask-the-community-45/known-bug-why-is-there-still-padding-in-my-text-objects-9522

And here it is in action (NOTE: I am pressing the T hotkey shortcut to get into Text mode):

HUZZAH! THANKS ROBERT!

Thanks for the hint about changing the object to a shape and back to text to remove padding.

You can also use ctrl+alt+c and ctrl+alt+v to copy and paste formatting from one object to another. Especially handy if you want to add or remove padding to a bunch of text objects.

I think this bug has been “fixed” but now it’s impossible to align text boxes with different font sizes.

Thanks for pointing out that the bug was fixed! Personally, this has been an annoyance to me for the last 1+ year.

now it’s impossible to align text boxes with different font sizes.

Vertically? Horizontally? Using the alignment tool or the auto layout tool, or something else? if you can share a screen recording, that may be easier, e.g., Loom is free and quite easy to use and share a screen recording.