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They are fairly important to preserve. Different readers, browsers and software in general will come with defaults for everything from padding to fonts and colours. Hardcoding these values helps you keep things uniform. I quite often just use * { padding: 0; margin: 0; } etc, to kill any possible padding and margins at the start, then I can define those later on as I see fit.
In short : removing them is often a bad idea and for padding and the basic attributes, does not really give you any benefit performance wise. Rather spend the time culling and merging tags/classes/ids in your actual markup.
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