Is it possible to remove text from under the icons on the home screen? I'm familiar with all the icons on my home screen. I think it would look better, at least to me, if the text from under those icons is gone. Is this possible?

I'm willing to root my device for this, but not switch to an alternate home screen launcher app.

I am using Moto-G with Kit Kat.
Yes this can be done on the Google launcher itself . But you will have to root your phone. You will not only be able to hide the text but be able to tweak even more stuff. But let's just stick to hiding the text for now.
Download Xposed GEL Settings
It is an xposed module and requires the xposed framework. If you don't know what that is, here's a video to get you started off with the  Android Xposed Framework.
If you still have questions, do ask.