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Monday, May 4, 2015

Weird news: A speeding ticket that cost 54,000 euros

That's right ? Don't fall off your chair, even when a speeding ticket in the US can cost around $400 plus, it seems a lot and is painful. However, in Finland, the fines are not on a fixed amount basis, but based on a formula that involves the person's income. So, the higher the income, the higher the pain involved. There has been a of principle about how a fixed amount as speeding ticket hardly matters to a rich person, after all, for a person who earns more than a million every year, a speeding fine of $400 hardly will send any message while it will be problematic for a person who earns less than $60,000 per year.
But when you see this principle in operation, the outcome seems very weird. For example, in this case, the person clocked an annual income of 6.5 million euros in the previous year, and hence when factoring that into the formula, the speeding fine was calculated to 54,000 euros. The person was so shocked at this fine that he posted the fine in disgust, although many people felt that the ticket amount was fine, that it was only an amount such as this which would impact somebody so rich (link to article):
Finland's speeding fines are linked to income, with penalties calculated on daily earnings, meaning high earners get hit with bigger penalties for breaking the law. So, when businessman Reima Kuisla was caught doing 103km/h (64mph) in an area where the speed limit is 80km/h (50mph), authorities turned to his 2013 tax return, the Iltalehti newspaper reports. He earned 6.5m euros (£4.72m) that year, so was told to hand over 54,000 euros. The scale of the fine hasn't gone down well with Mr Kuisla. "Ten years ago I wouldn't have believed that I would seriously consider moving abroad," he says on his Facebook page. "Finland is impossible to live in for certain kinds of people who have high incomes and wealth."

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