People speed because they do not understand basic physics. The main thing which determines how much damage will be done in a crash is the kinetic energy of the vehicle, not its momentum. Since kinetic energy is proportional to the square of the velocity it increases dramatically with increasing speed. Thus a car going at 100mph actually has twice as much energy as a car going at 70, even though to the driver it may not feel that much faster. Not to mention obviously the chance of crashing increases with velocity as reaction time is shorter and stopping distances are longer. Of course the other reason people speed is that they overestimate their driving abilities, which almost all drivers do without fail.
So I take your point in that speeding fines are ultimately a tax on the stupid, which is always a morally iffy concept. I would argue a mandatory 6 month ban would be more appropriate and effective.
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