Chewie gives four reasons why he thinks this is a good idea. For one, "it worked for cars":
"Taxing a mode of transportation to improve its infrastructure is a key reason why we have car dominance today. In the 1950s and 60s the interstate highway system was built with gas tax revenue. Although we sometimes think of raising gas taxes as a way to discourage driving, historically they have helped to encourage it by paying for roads."
A commenter begs to differ:
"From a social standpoint, activities that benefit the society should be made cheaper while those that hurt society should be made more expensive; this is the concept behind congestion pricing and pollution taxes ("Pigovian taxes"). Bicycling is a net benefit to society, primarily due to its health effects, and should be encouraged rather than discouraged through taxation."