FF/IE Rendering discrepancy

On this page:

http://www.beyondexgay.com/Contactformtestversion.html

I have a contact form.

In FF 2, it's rendering as needed.  The label "Your thoughts:" lines up vertically with the first line of paragraph "Please share your feedback..."

In IE 7, the "Please share your feedback..." is rendered lower than the bottom line of the "Your thoughts:" label.

The same is occurring with "Your ideas:" and "What would you like to see..."

Here is the relevant chunk of html:
<form id="ContentEdit">

<li>
  <label class="main" for="Text0008">
    Your thoughts:
  </label>
  <p>Please share your feedback on what you've
        read and seen at bXg.  Feel free to comment
        on content, tone, layout, and/or functionality.</p>
  <textarea name="Text0008" id="Text0008"
      style="width:500px;height:6em;" tabindex="7"
      rows="2" cols="40" ></textarea>
</li>
</form>

And the CSS:

#ContentEdit li {
padding: 0 0 0.4em 165px;
margin:0;
}

form#ContentEdit p,
form#ContentEdit ul li p {
margin:0 0 0.5em 0;
padding:0;
}

#ContentEdit ul {
clear:both;
list-style-type: none;
padding:0 0 .5em 0;
margin: 0;
}

#ContentEdit label {
line-height:1.4em;
font-weight:bold;
}

#ContentEdit label.main {
margin-left: -165px;
margin-top: 0;
position:absolute;
text-align:right;
width:155px;
}

Thanks!

--SteveStart Free Trial