But Labour leader Sir Albert Bore said that speedy, safe and reliable alternatives to the car, such as rapid transit bus lines and trams, would need to be up and running first so commuters had a choice.
Launched by Sir Albert Bore and Conservative Transport Secretary Patrick McLoughlin, the Birmingham Connected plan highlights investment in trams and buses, the opening of new rail lines, new smart card fares and promotion of walking and cycling to tackle car congestion over the next 20 years.
Asked if he planned to increase local taxes through city centre parking or congestion charges, Sir Albert said they would look at all sources of funding including Government, European Union and private investment but stressed that any charges would follow consultation.
"There is a growth in car usage and we have to reverse that. If we don't, the congestion we see at peak times will be there throughout the day," he said.
He warned he would prefer to encourage people to ditch their cars, but added: "I am not ruling anything in, or anything out at the moment. It might mean some raising of taxes but that would happen around a discussion with residents and businesses."
Meanwhile, transport secretary Patrick McLoughlin, giving his backing to the Birmingham Connected plan, admitted the M6 Toll road had failed to combat congestion around the region's motorway network as it was designed to.
Asked if the Government planned to intervene to lower charges or even, as transport authority Centro has lobbied for, nationalise the road, the cabinet minister, who hails from Cannock, said not at present.
"M6 Toll is a private investment and I am not in a position to intervene to lower the charges," he said.
"But, it is true, it has not been able to alleviate the traffic congestion as it was hoped it would when it was first talked about. It may be something we will have to look at in future."
Mr McLoughlin said successful cities needed to develop transport systems and backed the Connected plan, adding: "There is no reason why Birmingham shouldn't have the same ambition as London."
Jerry Blackett, chief executive of Greater Birmingham Chambers of Commerce, warned that the new vision should avoid "blunt instruments" such as a parking levy, adding that the chamber was supportive and recognised the need for long term vision.
"Transport has been a key issue for the city and, despite Birmingham being at the heart of the UK's transport network, inner-city travelling is fraught with congestion and poor public transit coverage," he added.
"While a tram line is an expensive option, without a subway or light rail network, it could be the best option for rapid transport in the city.
"Clarity will be needed for the funding mechanisms. We urge the Council to avoid 'blunt' instruments such as the parking levy, which may stifle economic growth within the city.
"If the parking levy, or other taxation mechanisms are implemented, public transport enhancements will need to be brought forward to give choice to the consumer before hitting them with taxes."