Innovative transportation finance: speeding permits in Nevada

Like many states, Nevada is having lots of trouble with the state budget. Gino DiSimone, nonpartisan candidate for Governor, knows just how to fills the coffers. His idea is to sell speeding permits which he says will generate $1 billion annually. That's a lot of fast cash!
From the AP story:

Here's how he says it would work:

Any vehicles enrolled would have to pass an annual safety inspection. That, DiSimone said, would not only help local auto shops, but ensure speeders aren't zooming down the highway in unsafe cars.

"At the time of inspection, the license plate and VIN number get uploaded into a database," he said.

The cost? About $40, with $12 going to the state. For another $8, drivers then would purchase transponders — to be made in Nevada — and installed on their dash.

Next, set up an online account.

Then, "If you're driving along and say, 'I have to get going, I'm in a hurry,' all you do is dial into your account by cell phone," DiSimone said.

For $25, charged to a credit card, you're now allowed to speed, up to 90 mph in preapproved areas, for 24 hours.

"You'll get a confirmation number," he said. "A satellite burst will start your transponder."

Officers who nab you with a speed gun will get the information from your transponder that you've paid ahead and are free to speed, he said.