First create a new document size 350×150 (but you can use any size you want) and write some text on it. I have used the font “Impact”, 80 px, smooth.

Now we would like to rasterize this layer so go to Layer>Rasterize>Type.
After that’s over go to Edit>Transform>Perspective and move the upper left box up like this:

After you are done with that press Enter. Now duplicate your text layer and put it unde the original one. After you did that, select the layer you just created (located under the original one) and while holding Ctrl+Alt press the left arrow a few times until you get what you want. This is how it looks like now:

It looks terrible, doesn’t it? But don’t worry, we are going to fix it. Now merge all the layers you just created except the original one and go to Image>Adjustments>Brightness/Contrast . Put the “Brightness” to -50 and press OK. It looks much better now:

And that’s it. But you can do a lot of stuff with this now. You can put different Blending Options to those layers. I have played a bit with mine and this is what I came up with:

If you want to know how I got this style you can download the .zip package including my .psd files