We can do timeline charts or as i would like to call snake charts in tableau. It's not an existing visualization in tableau where you can do it with a couple of clicks but it is not hard too. Here are some links which will be helpful.
As far as the labels are concerned,In my viz here Tableau Public i used tableau tool-tip viz so when you hover over the dates you can see highlights or content related to those dates.
Thanks for you reply and the links. I had already gone through some of these links earlier. One of the requirement for us, is the ability to print the chart. By displaying info on tool tips user will not able to print it.