There is too much padding in text boxes

@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):

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.