If the site contains any sort of CMS or code generated html then don't remove padding and margin with a wildcard (unless you plan to specifying it manually for every tag).
Some things are supposed to have margin and padding.
(unless you plan to specifying it manually for every tag)
That's exactly what you would do. Knowing that everything has no padding and margin can sometimes make life a lot easier than trying to hunt down phantom default padding and how each browser displays it.
Some things are supposed to have margin and padding.