I'm assuming this is basically to skirt around the fact that as vehicles get higher mileage, tax revenue decreases? I'd be more ok with this if they got rid of the current fuel taxes, but it sounds more like this would just be in addition to.
I'd never be totally ok with this though. Fuck having a government organization tracking me with GPS all the time. I bought a 2013 car and it had some new lo-jack system on it (can't remember what it was called, but it's similar). I told them there was no way in hell I was paying for it, and not only that, but I wasn't buying their car unless they removed the system entirely.