How do I change the space AROUND the text in my box.
It has wide margins all around the text which doesn't let reduce the size of the text box.
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By default, there will be 4 pt space around text added to a new text box. This does not correlate with your description of wide margins all around the text, and would not restrict your ability to resize the text box. How about a screen shot of what you have.
With the text box selected, visit the Text : Layout tab, and on it will be the Text Inset adjustment that controls how much space surrounds the text within the text box.